IRFC share price corrects 20% in less than fortnight: Buy, Sell or Hold? Check IRFC share price target till Budget 2023, long term

IRFC Share Price NSE, BSE, IRFC Share Price Target: Shares of Indian Railway Finance Corporation (IRFC) slumped more than 2 per cent on Thursday, December 16. The Indian Railways stock has already corrected more then 20 per cent in less than a fortnight time from its 52-week of Rs 37.10 on NSE that it touched on November 30.

On Friday, the stock opened in red at Rs 32.30 apiece on NSE, down 2 per cent from previous close of Rs 32.90. The selling pressure dragged the scrip to day's low of Rs 31.55, falling nearly 4 per cent. 

According to Ravi Singh, Vice President and Head of Research, Share India, IRFC is witnessing profit booking in anticipation of some announcement by the government during budget. He said that the stock could test the level of Rs 28 in the coming days.

IRFC Share Price Target Till Budget 2023

He recommended buying IRFC shares around Rs 28. He said that IRFC can yield almost 100 per cent return long term.

"IRFC stock is good to buy around Rs 28 level for the target of 42 levels around budget," he said.

IRFC Share Price Target 2023

From long term perspective, he said that IRFC has a positive outlook amid robust financial performance. "Investors may set a target of 50 levels for next year," he added. 

IRFC Share Price History

IRFC has delivered a stellar return of around 60 per cent in the last 6 months, resulting in wealth gain for investors. YTD, IRFC has yielded a positive return of 40 per cent. Putting into perspective, IRFC stock which was available for Rs 23.05 apiece on January 3, is now available at around Rs 32. 

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IRFC made its stock market debut in January 2021 below the IPO issue price of Rs 26. The one-sided rally in IRFC share price last  month brought much-needed relief to its investors who were waiting for a trend reversal since its stock market debut.

IRFC Dividend News, Yield

IRFC dividend yield is more than 4 per cent. It has paid dividends on four occasions since its listing, amounting Rs 3.25 per share. IRFC is a wholly owned subsidiary under the Ministry of Railways.

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