Along with IRFC, shares of other railway-linked companies – RVNL, IRCON, RITES, RailTel also saw gains between 5% to 10% during Monday’s session.
RITES also snapped a four-day losing streak to end 14% higher after the company announced on Sunday that it will hold a board meet on July 31 to consider a bonus issue of shares. This will be the second bonus issue that the company would consider after the 1:4 bonus shares it issued in 2019.
RailTel shares snapped a two-day losing streak to end with gains of over 5%.
RVNL too corrected over 13% from its record level of ₹639 to fall to ₹555 on Monday before recovering to end 10% higher.
IRCON was the other top performer from within the Railway PSUs, ending with gains of over 9% on Monday and snapping a four-day losing streak. The stock had declined over 13% during the last four trading sessions.
As many as 5.79 lakh small shareholders purchased shares of IRFC between the April to June period, as per the shareholding pattern. IRFC now has 50.63 lakh small shareholders, compared to the 44.84 lakh small shareholders that it had at the end of the March quarter.
“IRFC has been in a strong uptrend with consistent formation of higher highs and higher lows. It has recently witnessed a bounce from an ascending channel pattern on the weekly charts and looks poised for a move towards ₹240 -₹250 levels. It has been respecting its 55-DEMA quite firmly which can be used as trailing stoploss for existing positions as well as trading stoploss for fresh trades. Momentum is expected to pick up once RSI trades above 60 levels,” said Gaurav Bissa of InCred Equities.
Shares of IRFC ended 7.3% higher at ₹196.76.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
First Published: Jul 29, 2024 3:49 PM IST
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.