Railway PSU Sets Aug 22 As Record Date For Dividend, Buy Assigned For TP Rs 222: PL

Large cap public sector undertaking Indian Railway Finance Corporation Ltd on Tuesday fixed August 22 as the record date for final dividend. The company will hold its Annual General Meeting (AGM) on August 29. Current market price of Indian Railway Finance Corporation Ltd shares on BSE is Rs 176.30 per share with fall of 1.76% in trade today. Indian Railway Finance Corporation shares witnessed correction of 9.80% in last 1-week.

However, IRFC shares offered eye-popping returns of 291% in last 1-year only. Its market capitalisation stood at Rs 2,30,397.76 crore. More details are given below:

IRFC Sets Record Date For Dividend: As per the BSE filing of IRFC issued as on August 6, 2024, "it is informed that the Company has fixed the following dates in connection with the 37th AGM & payment of Final Dividend: -
1. Thursday, 22nd August 2024 has been fixed 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."
2. 37th Annual General Meeting (AGM) of Indian Railway Finance Corporation Limited (IRFC) will be held on Thursday, 29th August 2024."

IRFC Dividend Yield: Indian Railway Finance Corporation announced 6 dividends since February 17, 2021. In last 1-year, IRFC announced an equity dividend amounting to Rs 1.50 per share. At the current share price of Rs 176.30, Indian Railway Finance Corporation offers a dividend yield of 0.85%.

Indian Railway Finance Corporation Share Performance: The 52-week high price of Indian Railway Finance Corporation shares on BSE is Rs 229.05 per share (as on 15/07/2024) and 52-week low price is Rs 44.90 per share (as on 14/08/2023), respectively. IRFC shares zoomed 76% year-to-date, offered return of 729% in last 2-years, and rallied 648% in last 3-years.

Should You Buy IRFC Shares? Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said, "The stock has witnessed a brief correction recently. It is currently indicating a pullback to improve the bias. With charts looking good, one can enter at current levels with a stop loss of Rs 180 for expected targets of Rs 207 and Rs 222 levels."

Meanwhile, Anand Rathi also recommended buy and said, "Support will be at Rs 183 and resistance at Rs 200. The expected trading range will be between Rs 175 and Rs 210 in the short term."

About: Indian Railway Finance Corporation (IRFC) was set up on 12th December, 1986. IRFC is a Schedule 'A' Public Sector Enterprise under the administrative control of the Ministry of Railways, Govt. of India. It is also registered as Systemically Important Non-Deposit taking Non Banking Financial Company (NBFC - ND-SI) and Infrastructure Finance Company (NBFC- IFC) with Reserve Bank of India (RBI). In more than 30 years of existence, IRFC has played a significant role in supporting the expansion of the Indian Railways and related entities by financing a significant proportion of its annual plan outlay, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Prabhudas Lilladher and Anand Rathi. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.