IRFC at new high

IRFC is currently the top gainer on the BSE; from its Friday’s close of Rs.113.38, the stock opened at Rs.116.20 and rose to hit a life time high at Rs.129.90, up 15%.

There is no new material happening in the company, no new event as such to write about; its just buying interest on this euphoric day. The fact that many fund houses have also put out a “buy” on the stock has pushed the stock into the green.

The government owns 86.36% stake in IRFC, which is higher than SEBI stipulated minimum public shareholding norms.