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IRFC's Market Cap Surpasses Rs 1 Lakh Crore, Ranks Among Top 10 State-Run Firms

11 Sep 2023 , 12:06 PM

On September 11, Indian Railway Finance Corp Ltd (IRFC), a state-run entity, achieved a market capitalization exceeding Rs 1 lakh crore. This milestone ranks IRFC as the 10th most valuable state-run enterprise in India.

IRFC’s stock doubled in value during the year, reaching an all-time high of Rs 84.50 on the BSE, an 8 % increase from the previous close. It surpassed other state-run giants like Bharat Electronics Ltd, Bank of Baroda, and Gail India Ltd regarding market capitalization.

Investor confidence in IRFC was fueled by the government’s infrastructure initiatives and the expansion of the rail network. Top-ranked state-run firms in India include State Bank of India (Rs 5.21 lakh crore mcap), Life Insurance Corp (Rs 4.27 lakh crore mcap), and NTPC (Rs 2.33 lakh crore mcap).

Various railway-related stocks, including Railtel Corp of India, IRCON International Ltd, Rail Vikas Nigam, Titagarh Rail System, and Texmaco Rail & Engineering Ltd, witnessed significant stock price increases. The government approved multi-tracking projects worth Rs 3,25,000 crore, expanding the Indian Railways’ network by 2,339 km in nine states.

A collaborative plan involving India, the US, the UAE, and Saudi Arabia aims to establish shipping and railway connections linking Europe and the Middle East to India, with EU participation. IRFC now joins the elite group of state-run firms with a market capitalization exceeding Rs 1 lakh crore, demonstrating its growing significance in India’s economic landscape.

For feedback and suggestions, write to us at editorial@iifl.com.
 

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  • Companies
  • India
  • IRFC
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