Ircon International shares rise over 4% after signing contract with Sri Lanka Railways
Ircon International rose over 4% to Rs 147 in Monday's trade on BSE after the firm executed the contract agreement with the Sri Lanka Railways.
«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. Rs 122 crore on 21st September 2023,» the company said in an exchange filing.
The work will be completed within 24 months from the date of signing of the contract.
At 10.49 a.m., the scrip was trading 2.9% higher at Rs 145.5 on BSE.
It has also delivered multibagger returns to its investors as the stock has risen over 170% in the last six months. It has also rallied over 250% in the past one year.
As per Trendlyne data, the average target price of the stock is Rs 114, which indicates a downside of 22% from the current market prices.
The consensus recommendation from one analyst for the stock is a 'Buy'.
Technically, the stock's day RSI (14) is at 61. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.
MACD is at 10.7, which is above its Center Line, but below signal line.
Shares of Ircon International are trading higher than the 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.
In Q1 FY24, Ircon International reported a 29.6% year-on-year (YoY) rise in its consolidated net profit at Rs 187.4 crore. In the corresponding quarter last year, Ircon International posted a net profit of Rs 144.6 crore on a topline of Rs 2,001.9
