I too. They have delivered within 24 hrs. Though their quality seems to have gone down. You ask about a share,“It is suddenly rising. Is there any news?” They will simply ask you ‘You want to buy/sell?”
Earlier they did discuss about Vikram solar.
Anyway, reliable.

Agree… or it would have made proposed PV-CV split cumbersome as DVR would have to split into two DVRs of seperate entities

My limited point here was that… this swap scheme was just a means / a mechanism, likewise buyback was available as a means to achieve the same outcome for Tata Motors before its proposed PV-CV split

But they choose the liquidation SWAP route… and that in my view has worked against minority retail shareholders

And in hindsight now I think I should have been more cautious as Tata Sons have in past undermined retail investors of Tata listed companies to benefit itself – be it intercompany loans, intercompany sweetheart deals, intercompany cross share holdings etc.

I bought it from Altius

You have raised a very pertinent question. I will refrain from speaking on valuation. You have correctly pointed out that growth prospects are limited in near term but long term prospect is intact. IRFC AUM will not grow consistently, most of its growth will be concentrated in a few years (black swan type event throwing govenment fiances off). In a period of 10 years majority of growth will come in 2-3 years.

Indian railways will continue to remain the only affordable means of transport for large section of the population of the country and demand will only rise drastically in the future as disposible income of people rise. Moreover, in my view the goverment will not be able to generate surplus from indian railways operation in passenger segment; at most it will break even. Spending on rail infrastructure is planned at around INR 38 lakhs crores over coming decades. Funding sources have been identified for some (eg. dedicated freight corridors) but not for others. All these are detailed in the government’s national rail plan, relevant chapters being 20 and 21 (pdf link https://static.investindia.gov.in/s3fs-public/2024-08/national_rail_plan_2030.pdf). Now all these are projection and actuals can be substantially higher or lower. But one thing is clear that demand on indian railways is going to increase substantially and infrastructure needs to be upgraded significantly. And its going to cost a lot for the governement. And in my view as governement tries to rationalise GST/IT rates (can not earn substantially while keeping the rates high, there will be demand to lower rates) and achive its fiscal deficit target, it will have less room to fund the infrastructure projects from budgetory allocation. And one black swan event (like COVID) which through the finances off will result in substantial allocation to IRFC for funding requirements.

Don’t have any idea as to why anybody will wait for the open offer. Just noticed that the the present market price has already exceeded the offer price. At this rate a revision in offer price is inevitable