IRFC Share Price: Government Rail Company- Indian Railway Finance Corporation Limited (IRFC) has tied up with Surat Integrated Transportation Development Corporation Limited (SITCO) for a new term loan of ₹ 199.70 crore. This funding will help in the development of India’s first international standard Surat Multi-Model Transport Hub (MMTH).
Why is Surat MMTH
This product will integrate intermediate transport options like rail, metro, BRTS, city and regional buses, autos and taxis to provide better connectivity to passengers. Also, station infrastructure and passenger facilities will also be upgraded.
SITCO is actually a joint venture of the Ministry of Railways and the Government of Gujarat. He is developing this project. The loan agreement took place on Tuesday 19 August at the New Delhi office of Sitco. Director Mohit Kumar and Company Secretary Namrata Makharia from SITCO, while General Manager (Finance) from IRFC, Ashish Saini was present.
Project will get financial force
This financial assistance of IRFC will be used in the manufacture of different components of Surat MMTH. This will strengthen the project financially and will get stability for the long term. Also, the project will be accelerated on time. It will also promote India’s transportation infrastructure capacity along with regional economic development.
IRFC shares
IRFC shares closed at ₹ 126.80 on Tuesday, August 19 to a 1.56% gains on BSE. In the last 1 month, Stock has given a negative return of 5.65%. It has come down 29.61% in the last one year. However, in the last 6 months, Stock has given a minor return of 2.01%. The market cap of IRFC is Rs 1.66 lakh crore.
What is the business of IRFC?
IRFC means Indian Railway Finance Corporation is a government company to help Indian Railways. Its main task is to raise and finance money for large railway projects like new trains, stations, signal systems and workshops.
The IRFC gives money to the Railways through loans and bonds, so that these projects are completed on time and the railway infrastructure continues to improve. The company’s profit comes mainly from the interest and bond issue received on this loan.
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