Shares of Indian Railways Finance Corporation (IRFC) was trending higher on Monday ahead of the release of third-quarter results. Indian Railways shares were quoted at Rs 30.40 a share on the NSE, up about 1% from the previous close of Rs 30.10.

IRFC is scheduled to report its third-quarter results today (February 13).

IRFC shares have corrected more than 20% from their 52-week high of Rs 37.10 on November 30 last year. The stock crossed the IPO price of Rs 26 on November 16 last year for the first time since listing in January 2021. The stock rose nearly 50% ahead of the budget, which is expected to make some big announcements from the government. The finance minister announced Rs 2.4 lakh crore capital expenditure for Indian Railways in the budget.

IRFC debuted in January 2021 with an IPO price below Rs 26. The unilateral advance in IRFC shares ahead of the budget brought much-needed comfort to investors waiting for a trend reversal since its stock made its market debut.

IRFC’s dividend yield exceeds 4%. It has paid a dividend of Rs 3.25 per share four times since listing.

IRFC stock has returned 42% over the past six months. It has soared about 36% over the past year. The company has a market capitalization of Rs 39.66000 crore.

IRFC is a wholly-owned subsidiary of the Ministry of Railways.