PSU railway stocks rally up to 8%. What’s the good news?

Shares of railway PSU stocks RVNL and IRFC surged on Tuesday, with RVNL jumping 8% to Rs 322 and IRFC rising 5% to Rs 181 on the BSE. This rally was triggered by the Q4 profit growth reported by these companies. Additionally, IRCON International shares soared 8% to a new high of Rs 296 ahead of its Q4 results, scheduled for release today.

of RVNL and on Tuesday rallied 8% to Rs 322 and 5% to Rs 181 respectively on after the Q4 rose while shares jumped 8% to a fresh peak of Rs 296 ahead of its 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 from operations stood at Rs 6,700.69 crore, up by 17% YoY. The company also announced a 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 (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.

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shares among other rail stocks also witnessed a jump of 2.7% to Rs 529.75 respectively.

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 such as surged 4% to Rs 429 on BSE today.

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Source: Stocks-Markets-Economic Times