267% Rally In 1-Yr: PSU Construction Stock In Green On Executing Contract With SL Railway

Mid cap public sector undertaking, IRCON International shares witnessed a rally of 2.97% on BSE today after the company executed the contract agreement with Sri Lanka Railway, Ministry of Transport on 21st September, 2023. Current market price of IRCON International share is Rs 145.65 per share. IRCON International shares gained 175% in last 6-months only. Check details below:

IRCON International Executes Contact Agreement With Sri Lanka Railway: According to the BSE filing of IRCON International dated September 22, 2023, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, and in continuation to our letter of even no. dated 6th December, 2022, it is to inform that Ircon International Limited has executed the contract agreement with Sri Lanka Railways, Ministry of Transport, Sri Lanka for the work of procurement of Design, Installation, Testing, Commissioning and Certifying of Signalling and Telecommunication system from Maho Junction (Including) to Anuradhapura (Excluding) under Indian Line of Credit at a total price of USD 14.89 Million equivalent to approx. INR 122 Crore on 21st September, 2023."

The work will be completed by Ircon International Limited within 24 months from the date of signing of contract, added the regulatory filing of IRCON International.

IRCON International Stock Outlook & Return: Current market price of IRCON International stock is Rs 145.10 per share. IRCON International shares opened at Rs 142.95 apiece, hit day's high of Rs 147.30 apiece, and day's low of Rs 139.40, respectively at the time of writing the story (at 11:44 am). IRCON International stock's 52-week high price is Rs 174.55 per share and 52-week low price is Rs 38.60 apiece, respectively. The mid cap PSU company has a market capitalisation of Rs 13,646.88 crore. IRCON International shares gained 74% in last 3-months only, soared 267% in last 1-year, gained 219% in last 2-years, and jumped 270% in last 3-years.

IRCON International Financials: The leading state-owned engineering and construction company on August 8 announced a rally of 29.6% year-on-year (YoY) in its consolidated net profit at Rs 187.4 crore for the quarter ended June 30, 2023. The company declared a net profit of Rs 144.6 crore in the corresponding quarter last year, as per its BSE filing. Its consolidated revenue from operations announced at Rs 2712.2 crore for the quarter under consideration, up 35.7% as against Rs 2001.9 crore in the corresponding quarter of last fiscal.

IRCON International About: Ircon International Limited is a central Public Sector Enterprise incorporated as a government company under the Companies Act. 1956. IRCON was set up to utilize the Indian Railway's experience in helping Developing Nations of the world to install or maintain their own railways and also to execute railway projects for private sector, as per its LinkedIn page.

Disclaimer

The stock just highlights the rally in shares and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.