IRFC share price hits a record high of ₹200; Stock gains 100% in 2024 so far

NSE

Shares of Indian Railways Finance Corporation (IRFC) Ltd. hit a record high on Monday, having gained as much as 13% in early trade. The stock made a record high of ₹200, surpassing the previous high of ₹192.8, which it had hit on January 23 this year.With Monday's surge, the stock has gained 100% so far in 2024. Shares had gained 10% in April and gained 13% in May, after underperforming in February and March. January 2024 was the best month on record for IRFC, when the stock price had surged in excess of 75%.IRFC was the first IPO of 2021, having made its stock market debut at an IPO price of ₹26. Since then, the stock has gained nearly 7x from its IPO price, having surged over 300% in 2023. At the current price, the stock has a market capitalisation of ₹2.6 lakh crore, which is more valuable than at least 20 Nifty 50 companies.IRFC, earlier, declared a final dividend of ₹0.7 per share. This, along with an interim dividend of ₹0.8 per share announced earlier, has taken the total payout to ₹1.5 per share for financial year 2024.The recently announced dividend will be subject to shareholder approval at the company's Annual General Meeting (AGM). The government holds an 86.36% stake in IRFC.Along with its results, the board of IRFC has also approved raising funds to the tune of ₹50,000 crore from the domestic and international market through a mix of tax free bonds, taxable bonds on private placement or public issue basis, depending on the market conditions and the funding requirement for the Indian Railways.