Ircon Stock Soars After Rs 898 Crore Project Boost
Shares of Ircon International Ltd went up by almost 14% on Wednesday. This happened after the company won several new projects and because people are feeling positive about the government spending more on infrastructure.
By 2:47 pm, Ircon's stock was trading at Rs 220.97, which is Rs 27.03 higher than the day before. It reached a high of Rs 221.03 during the day. The stock went up even though the overall market was not doing very well.
In May, Ircon got new projects worth over Rs 898 crore. These include work in railways, power, and industrial development. Some important projects are:
A project worth Rs 187 crore to build a rural industrial park in Thiruvananthapuram, Kerala.
A Rs 458.14 crore project for civil construction work at the Tato-I Hydro Electric Project in Arunachal Pradesh.
A Rs 253.6 crore contract to install the KAVACH train safety system on 778 km of railway lines in the Bengaluru and Mysuru areas.
Other railway-related company stocks also went up:
RITES rose by 6.5%
Texmaco Rail & Engineering went up 8%
Titagarh Rail Systems increased by 4%
HBL Power Systems gained over 3%
Even though Ircon's earnings in the last quarter were not strong—its profit fell by 3.8% to Rs 246.8 crore, and its operating profit (EBITDA) dropped by 56.3%—investors are hopeful because of the new contracts and future spending on infrastructure.
Analysts are still careful and have set an average target price of Rs 158, which is lower than the current price. But the stock's rise in the last three months, especially today's jump, shows that people trust Ircon's ability to handle big projects and grow in the future.
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