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IRCON Intl rises on bagging railway orders

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IRCON International rose 2.52% to Rs 85.35 after the company said it secured orders worth about Rs 1900 crore for railway electrification works from the Ministry of Railways, Government of India.

lrcon International has secured railway electrification works for various routes of 2251 route kilometer on competitive bidding basis among PSUs from the Ministry of Railways, Government of India. The order is worth approximately Rs 1900 crore. The tenure for execution of the projects varies from 15 to 20 months from the date of signing of agreement with the zonal railways.

IRCON International's consolidated net profit tumbled 76.2% to Rs 34.46 crore on a 50.8% decline in net sales to Rs 526.87 crore in Q1 June 2020 over Q1 June 2019.

IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As on 30 June 2020, the Government of India held 89.18% stake in IRCON International.

The stock is down 28.73% from its 52-week high of Rs 119.76 hit on 19 February 2020. It has surged 46.65% from its 52-week low of Rs 58.20 hit on 24 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 40.473. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day moving average (DMA) placed at 91.47 and its 200-day moving average (DMA) placed at 89.82.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 17 2020. 13:31 IST