IRCON, IRFC, RVNL, other railway stocks surge up to 12% for third day of gains

Shares of IRCON International Ltd., RVNL Ltd., IRFC Ltd. and other railway stocks continued to rebound from the recent lows, extending their gains for the third straight day on Wednesday, December 23.

IRCON's move on Wednesday is the biggest single-day gain in the last six months. Volumes are also set to be the highest since June of this year.

As of noon, over 2.5 crore shares of IRCON International had changed hands, well above their 20-day average of 15 lakh shares.

Despite the recent rebound, shares of IRCON International are down 18% so far in 2025, which will be their worst calendar year return since its listing. From its July 2024 peak of ₹351, the stock is down 50%.

RVNL is also up for the third straight day on volumes that have already surpassed the overall volumes on Monday. Shares are up another 4.5%, following Monday, and Last Friday's gains of 4% each.

1.5 crore shares of RVNL have already changed hands as of noon on Tuesday, compared to RVNL's 20-day average of 24 lakh shares at this time of the day.

RVNL shares are also down nearly 50% from their July 2024 peak of ₹647.

IRFC, which had surged to a record high of ₹229 in July last year and had corrected over 55% from those levels, has also seen its stock rebound for the third day running. The stock is up over 4% on Friday, following Monday's 2.5% move and a 3% gain on Friday.

Close to 3 crore shares of IRFC have already changed hands as of noon, higher than its 20-day average of 40 lakh shares.

IRFC still has an overhang of the government selling stake to comply with the minimum shareholding norms. As of September 30 this year, the government still had a 86% stake in the company.

With Railway PSUs staging a rebound, private names are also marking their presence in the list of gainers. Shares of Jupiter Wagons are up another 13% on Tuesday, following Monday's 20% surge.

Over 9 crore shares of Jupiter Wagons have already changed hands compared to their 20-day average of 22 lakh shares. The stock has surged after promoters of the company increased their stake after conversion of warrants into equity.

Over the weekend, the Indian Railways announced rationalization of passenger fares from December 26. The fare increase is limited to long-distance travel in excess of 215 kilometers.

Fares to be 2 paise higher per km for Mail / Express Non AC & AC trains, and 1 paise higher / km for Ordinary Class tickets.

The stocks are also advancing ahead of the Union Budget in February. Railway stocks generally have surged in January ahead of the budget announcements, in anticipation of a higher allocation compared to the previous years.