Multibagger PSU Locked at 10% UC, New High on Crossing Rs 1 Lakh Crore M-Cap

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Multibagger PSU Locked at 10% UC, New High on Crossing Rs 1 Lakh Crore M-Cap
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the dedicated funding arm of Indian Railways, Indian Railway Finance Corporation (NS: INID ) recorded a new all-time high of Rs 84.8 apiece on Monday and were locked in an upper circuit of 10% in the intraday trade.

Shares of the state-owned company have been rallying for three consecutive sessions, jumping 23.3% in the period. The stock has dropped only once over the past 11 straight trading days, shooting 75.2% higher in the period.

The sharp uptick of IRFC’s shares over the past sessions has led the company’s market capitalization to surpass the Rs 1,00,000 crore mark on September 11, 2023, with its valuation quoting at Rs 1,10,820 crore in the session.

This makes the public finance company the 10 most valuable state-owned major in India, with m-cap more than that of GAIL (NS: GAIL ), IRCTC (NS: INIR ), or Bharat Electronics (NS: BAJE ), among others.

The now mega-cap stock has propelled 160.5% so far in the calendar year 2023, and skyrocketed 237.4% over a one-year period, making IRFC a multibagger.

India’s top nine most-valued state-owned firms include SBI (NS: SBI ), LIC (NS: LIFI ), NTPC (NS: NTPC ), ONGC (NS: ONGC ), Power Grid Corporation (NS: PGRD ), Coal India (NS: COAL ), Hindustan Aeronautics (NS: HIAE ), SBI Life Insurance (NS: SBIL ), and Indian Oil (NS: IOC ).

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