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IRFC corrects on profit selling
(14:48, 30 Nov 2022)
Shares of IRFC surged 27.95% in the past seven sessions.

The stock hit a record high of Rs 37.10 today, 30 November 2022. The stock hit a 52-week low of Rs 19.30 on 20 June 2022.

The stock had outperformed the market over the past one month, soaring 48.99% compared with 4.84% rise in the Sensex.

The scrip outperformed the market in past three months, climbing 55.24% as against Sensex's 5.59% rise.

The scrip had also outperformed the market in past one year, spurting 43.23% as against Sensex's 10.16% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 76.92. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 23.94, 22.57 and 22.05, respectively.

IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The Government of India held 86.36% stake in the company as on 30 September 2022.

The company reported 14.2% rise in net profit to Rs 1,714.28 crore on a 23.9% increase in net sales to Rs 5,810.39 crore in Q2 FY23 over Q2 FY22.

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