339% Rally In 1-Yr: PSU Navratna Stock Soars 17.35% Intraday, Hits 52-Week High

Shares of mid cap construction company IRCON International Ltd jumped 17.37% in trade today to end at Rs 267.15 apiece on BSE. IRCON International shares offered return of 201% in last 6-months and rose 339% in last 1-year. Earlier in 2023, government sold about 7.53 crore equity shares, representing 8% of the railway public sector unit (PSU) at a floor price of Rs 154 apiece through a two-day offer for sale (OFS). The share sale reportedly fetched nearly Rs 1,100 crore to the exchequer.

IRCON Stock Performance: The 52-week high price of IRCON International shares on BSE is Rs 271.05 per share and 52-week low price is Rs 50.15 per share, respectively. The company has a market capitalisation of Rs 25,125.88 crore. IRCON shares soared 475% in last 2-years. In last 3-years, the scrip jumped 500% and rallied 551% in last 5-years.

IRCON International Received Navratna Status On October 12, 2023: As per the the BSE filing of the company dated October 12, "It is to inform that Department of Public Enterprise, vide its letter dated 12th October, 2023 has granted the Navratna Status to IRCON. IRCON will be the 15th Navratna amongst the CPSEs. IRCON is a CPSE under Ministry of Railways with an Annual Turnover of Rs.10,750 Crore and Net Profit of Rs.765 Crore (on Consolidated basis) and Annual Turnover of Rs.10,262 Crore and Net Profit of Rs.777 Crore (on Standalone basis) for the year 2022-23."

IRCON International Financials: The leading state-owned engineering and construction company on November 9, 2023 declared a surge of 44% in its consolidated profit after tax (PAT) at Rs 250.8 crore for the September quarter as against the consolidated PAT of Rs 174.2 crore in the corresponding period of last year, as per the regulatory filing of the company. Its consolidated total income rose to 3136.3 for Q2 of the current fiscal from Rs 2305.9 crore in the similar quarter of last year. The total order book of IRCON stood at Rs 32,152 crore as on September 30, 2023.

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 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.