Indian Railway Finance Corporation rises on signing MoU with RITES
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Indian Railway Finance Corporation is currently trading at Rs. 35.19, up by 0.37 points or 1.06 % from its previous closing of Rs. 34.82 on the BSE.
The scrip opened at Rs. 35.06 and has touched a high and low of Rs. 35.26 and Rs. 34.74 respectively. So far 1230600 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 37.37 on 04-May-2023 and a 52 week low of Rs. 20.30 on 28-Jul-2022.
Last one week high and low of the scrip stood at Rs. 36.23 and Rs. 34.27 respectively. The current market cap of the company is Rs. 46014.21 crore.
The promoters holding in the company stood at 86.36%, while Institutions and Non-Institutions held 3.16% and 10.48% respectively.
Indian Railway Finance Corporation (IRFC) has signed a Memorandum of Understanding (MoU) with RITES. The MoU aims for identifying mutual areas of collaboration for expanding IRFC’s role in providing financial assistance to projects/ institutions that have got backward and or forward linkages with Railways and by RITES providing assistance to IRFC in ascertaining the financial & technical viability of projects, providing advisory & consultancy services.
Partnering with a premium and established consultancy institution like RITES will enhance IRFC's appraisal and marketing capabilities in exploring funding opportunities in various sectors supporting Railway infrastructure.
IRFC was incorporated as the dedicated market borrowing arm for the Indian Railways and has played a strategic role in financing the latter's operations.
