Indian Railway Finance Corporation (IRFC) share price will be in focus next week for its upcoming board meeting, where the company will announce its Q1 results for FY25, and will be in focus for its final dividend rewards of the financial year 2023-24. However, ahead of the big meet, IRFC has already fixed the record date to determine eligible shareholders for upcoming dividends. Majority of brokerages have recommended BUY on IRFC shares, while they see target price above Rs 220 levels.
IRFC Share Price:
This mega railway stock ended at Rs 179.80 apiece, down by 0.61% on BSE with market cap of Rs 2,34,971.74 crore as of August 9. The stock's 52-week high and low is at Rs 229.05 apiece and Rs 44.90 apiece respectively.
YTD, the stock zoomed by 79% on BSE.
IRFC Dividend:
IRFC has announced a final dividend of Rs 0.70 per share for the financial year 2023-24, subject to approval of shareholders at the ensuing Annual General Meeting (AGM).
This is in addition to the Interim Dividend of Rs 0.80/- per equity share declared on 2nd November 2023, thereby making total dividend for the Financial Year 2023-24 to Rs 1.50 per share, on the face value of Rs 10/-each.
For the final dividend, IRFC has fixed Thursday, 22nd August 2024, as the "Record Date" for the purpose of determining the members entitle to receive final dividend for the financial year 2023-24. The final dividend, if declared at the AGM, will be paid within a period of 30 (thirty) days from the conclusion of the AGM.
IRFC Board Meeting:
As per the regulatory filing, a meeting of the Board of Directors of the Company is scheduled to be held on Monday, 12th August 2024, inter-alia, to consider and approve the Unaudited Financial Results of the Company, and other financial statements for the quarter ended 30th June 2024.
IRFC Share BUY CALL?
At the latest Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher has stated that IRFC shares have recorded a brief correction recently, and it is currently indicating a pullback to improve the bias.
As the charts look good, Koothupalakkal stated that one can enter the IRFC stock for a target price ranging from Rs 207 and Rs 222 levels with a stop loss of Rs 180.
Meanwhile, Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers believes IRFC shares to have support and resistance around Rs 183 and Rs 200 levels respectively. Investors could enter the stock for short term target between Rs 175 and Rs 210.
Indian Railway Finance Corporation (IRFC) was set up on 12th December 1986 as the dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas Capital Markets. IRFC is a Schedule 'A' Public Sector Enterprise under the administrative control of the Ministry of Railways, Govt.
The primary objective of IRFC is to meet the predominant portion of the 'Extra Budgetary Resources' (EBR) requirement of the Indian Railways through market borrowings at the most competitive rates and terms. The Company's principal business therefore is to borrow funds from the financial markets to finance the acquisition/creation of assets which are then leased out to the Indian Railways.
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