IRFC, RVNL, and Mazagon Dock jump up to 13% to their respective new highs; gave multibagger returns in last 1 year

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Mazagon Dock Shipbuilders surged up to 13 percent in intra-day deals on Tuesday to hit their respective new highs ahead of the 2024 Interim Union Budget. Indian Railway Finance Corporation surged 12.7 percent to its new high of ₹146.69. It has now soared over 476 percent from its 52-week low of ₹25.45, hit on March 28, 2023.

Meanwhile. Rail Vikas Nigam also advanced 5 percent to its new peak of ₹231.80. The stock has now skyrocketed 313 percent from its 52-week low of ₹56.15, hit on March 1, 2023.

Mazagon Dock jumped 6 percent to its RECord high of ₹2,490. It has also risen 306 percent from its 52-week low of ₹612.80, hit on March 27, 2023. As per media reports, IRFC witnessed multiple block deals worth ₹250 crore in early trade today.

Overall, PSU stocks have been on the rise, giving multi-bagger returns in the last 1 year. IRFC surged 189 percent in the last 1 year and has already jumped almost 41 percent in January 2024 so far, extending gains for the 3rd straight month since November 2023. It rose 33 percent in December 2023 and 2.8 percent in November.

Meanwhile, RVNL also more than doubled investor wealth in the last 1 year, rallying over 178 percent. It has advanced 25 percent in January 2024 so far after a 10.5 percent gain in December 2023. Mazagon Dock has also soared 201 percent in the last 1 year and has added almost 7 percent in January so far, rising for the third straight month since November 2023.

It was up 13.3 percent in December 2023 and 2.3 percent in November. The prospect of the BJP's potential re-election next year is generating positive expectations for sustained capital expenditure, contributing to the increased attractiveness of PSU (Public Sector Undertaking) stocks. This sentiment is