New Delhi: Railway PSU stocks have been in demand among investors owing to the Modi government’s push for infrastructure and train set upgrades. The Indian Railways has received a Budget allocation of Rs 2.62 lakh crore in Budget 2024.
From track upgrades to rollout of new trains, the Indian Railways has decided to ensure the enhancement of railway infrastructure. IIFL Securities has given a long-term BUY call on two Railway PSU stocks, namely, IRCTC and the Container Corp of India. The two companies have witnessed a significant rise in share price over a year-on-year basis.
IRCTC share price
IIFL Securities gave a BUY call on IRCTC with a 50-day moving average of Rs 900 and 200-day moving average of Rs 955 apiece. The company’s stock price is likely to receive support at Rs 839 apiece and resistance at Rs 869 apiece. The company’s net Q2 net profit rose 4.47 per cent to Rs 307.8 crore and announced a dividend of Rs 4 per share.
IRCTC’s share price was down 1.53 per cent over the past day, while it was up 4.20 per cent in the past 5 days. In the past month, it was down 1.57 per cent, and 15.03 per cent in the past 6 months. Over the past year, IRCTC’s share price rose 23.95 per cent.
CONCOR share price target
Container Corporation of India or CONCOR’s 50-day moving average was pegged at Rs 911 apiece. The stock’s 100-day moving average was pegged at Rs 959 apiece. IIFL Securities forecasts resistance at Rs 869 apiece and support at Rs 840 apiece. CONCOR’s share price was down 0.63 per cent in the past day but up 2.14 per cent in the past 5 days. CONCOR’s share price was down 1.76 per cent in the past month, and 14.90 per cent in the past 6 months, but up 14.80 per cent in the past year.
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