Monday, February 26th, 2024

These 5 multibagger railway shares including IRFC and RVNL fell by 13.5% today, know the reason – Presswire18 English

Photo:PIXABAY decline in railway stocks

Gin PSU Railway shares, which had given bumper returns to investors in a very short time, have registered a huge decline today on Monday. These shares have declined due to poor results for the December quarter of the current financial year. Shares of Indian Railway Finance Corporation (IRFC) today closed at ₹133, down 13.5%. This decline has occurred due to the company’s weak results in the December quarter. The company reported a 1.78% decline in its net profit in Q3FY24. It stood at ₹1,604 crore. Whereas in the same period last year it was ₹1,633 crore.

IRFC shares fell 20% this month

However, IRFC’s revenue from operations increased by 8.42% year-on-year to ₹6,742 crore. At the same time, finance cost has increased from ₹4,554 crore to ₹5,104 crore. This has affected the company’s profits. Investors had started booking profits even before the company released its results. When the results were not good, selling in shares increased. IRFC shares have fallen by about 20% this month. Whereas in January alone this stock had jumped 76%. Looking further back, the stock has given a handsome return of 446% between July and January.

RVNL shares fell 11.45%

Similarly, shares of Rail Vikas Nigam Limited (RVNL) closed at ₹229.60 today down by 11.45%. The stock has declined due to poor results in the third quarter. Both the company’s revenue and profits declined on a year-on-year basis in the December quarter. The company’s net profit declined 6% to ₹359 crore from ₹382 crore in the year-ago period. At the same time, there was a decline of 8.8% compared to the net profit of ₹394 crore of the previous quarter. Furthermore, the company’s revenue from operations declined from ₹5,012 crore to ₹4,689 crore, a decline of 6.44%. With today’s fall, RVNL shares have fallen by a total of 25 percent this month. Between March 2023 and January 2024, the stock had seen a sideways uptrend. It gave a return of 436% during this period.

These shares also declined

Other railway multibagger stocks, such as RailTel Corporation of India, IRCON International and IRCTC also fell between 4% to 12% in today’s session. RailTel Corporation and IRCON International recently released Q3 FY24 results. Even though these shares have fallen due to profit booking, they have given returns of more than 100 percent in the last 6 months.

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