Stock market today: Railway stocks extended its rally for yet another session on Tuesday morning deals. Indian Railway Finance Corp or IRFC share price today opened with an upside gap and went on to hit a new high of ₹75.70 on NSE. Indian Railway Catering and Tourism Corporation or IRCTC share price also opened with an upside gap and went on to hit intraday high of ₹711.45 apiece on NSE, logging more than one per cent rise during morning deals.
Likewise, Rail Vikas Nigam Ltd or RVNL share price today opened upside and went close to life-time high of ₹163.45 per share levels on NSE, logging an intraday gain of near 6 per cent.
Ircon International shares too witnessed heavy buying interest during morning deals and went on to hit intraday high of ₹131.45 per share on NSE, clocking to the tune of 2 per cent appreciation during Monday session.
On why railway stocks are ascending today, Derivative & Technical Analyst at Motilal Oswal said, “Railway stocks are rising after the new plan of the Ministry of Railways to seek Cabinet approval for a ₹5.25 lakh crore investment program during fiscal years 2024-31 to improve rail connectivity to mining areas, cement plants, and consumption points, based on the PM Gati Shakti National Master Plan.”
This is a positive development and it will have medium to long term impact on railway stocks like IRFC, RBNL, Railtel, IRCTC, etc. In fact, one company'[s benefit would trickle down to other company’s financials,” Motilal Oswal expert added.
IRCTC share price target
Speaking on IRCTC share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC share price has given breakout at ₹675 apiece levels and the stock is looking positive on chart pattern. It may go up to ₹725 and ₹750 apiece levels respectively in short term.”
IRFC share price target
On advice to IRFC shareholders, Chandan Taparia said, “One should hold the stock with stop loss at ₹61 apiece levels. It may go up to ₹72 apiece levels in short term.”
RVNL share price target
For RVNL shareholders, Chanda Taparia advised to hold the stock for ₹160 per share target maintaining stop loss at ₹148.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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