Shares of railway PSU stocks RVNL and IRFC on Tuesday rallied 8% to Rs 322 and 5% to Rs 181 respectively on BSE after the Q4 profit rose while IRCON International shares jumped 8% to a fresh peak of Rs 296 ahead of its Q4 results due today.
RVNL shares jumped in reaction to the company posting a 25% year-on-year (YoY) increase in its net profit to Rs 433.32 crore for Q4FY24, while the revenue from operations stood at Rs 6,700.69 crore, up by 17% YoY. The company also announced a dividend of Rs 2. 11 per share for the financial year 2024.
Profit for IRFC jumped to Rs 1,717.3 crore for the fourth quarter, up from Rs 1,285.24 crore in the comparable quarter last year. The company’s revenues also witnessed an increase to Rs 6,473.11 crore from Rs 6,193.11 crore in Q4FY23. IRFC announced a dividend of Rs 0.70 per share to its eligible shareholders.
IRCON International is set to announce its fourth-quarter results later in the day today.
“Pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015, it is hereby informed that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 21st May, 2024 to, inter-alia, consider & approve the Audited Financial Results (Standalone & Consolidated) for the quarter and year ended on 31st March, 2024, and to recommend a final dividend, if any, for the financial year 2023-24, subject to the approval of shareholders at Annual General Meeting,” said the company filing to the exchanges on May 14.
Also read: Multibagger defence PSU BEL surges over 9% after Q4 results, earns upgrade from Motilal
Jupiter Wagons shares among other rail stocks also witnessed a jump of 2.7% to Rs 529.75 respectively.
Jupiter Wagons on Sunday informed the exchanges that the board of directors has approved to issue and allot up to 28.72 lakh convertible warrants to Tatravagonka A.S., one of the promoters of the company, on a preferential basis at a price of Rs. 470 (including a premium of Rs. 460/-) at an aggregate amount not exceeding Rs. 135 crore.
Shares of other railway stocks such as RailTel surged 4% to Rs 429 on BSE today.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
