Indian Railway Finance Corporation’s (IRFC) shares witnessed a 2% increase on September 20, despite a general stock market decline. The boost followed the Central Government’s extension of the current Chief Managing Director Shaili Verma’s tenure by six months. This news prompted investors to engage in buying shares, elevating the stock to Rs 77.40, marking a 1.04% increase. Consequently, the company’s market capitalization soared to over Rs 1 lakh crore.
IRFC Shares Defy Market Trends with 2% Gain Amid CEO Tenure Extension
In the regulatory filing, the company announced, “The tenure of Ms. Shaili Verma has been extended for an additional period of six months. In addition to the post of Director of Finance, she also holds the functions of Chief Managing Director in the additional capacity. This appointment will be effective from October 15, 2023.”
Regarding the quarterly results for the April-June period, IRFC disclosed an impressive year-on-year growth in revenue from operations, amounting to Rs 6,679 crore, marking an 18.69% increase. However, the company experienced a 6.31% decline in net profit on an annual basis, standing at Rs 1,157 crore. Despite this, the operating profit margin remained stable at 100% during the quarter.
IRFC’s Phenomenal Share Performance
In recent times, IRFC shares have demonstrated remarkable growth, surging by an astounding 60% in the last month alone. Over the last six months, the company secured a substantial profit of 187%, and within the year, the shares have witnessed a striking 133% increase. Remarkably, investors in the last one year have reaped exceptional returns, boasting a bumper profit of 255%.