Multibagger stock: Ircon International share price hits 52-week high on ₹751-crore order win from Rail Vikas Nigam

Multibagger stock: Ircon International share price jumped 5.5% to touch a 52-week on Friday's session after the company's joint venture firm IRCON- Paras Railtech Private Ltd- PCM Strescon Overseas Ventures Ltd bagged ₹751 crore order for the project floated by Rail Vikas Nigam Ltd (RVNL) in the ratio of 60:25:15.

The contract's objectives were to design, supply, install, test, and commission broad gauge ballastless track (BLT), as well as to supply ballast and install track (but not rails or track sleepers) between chainage 6+015 (FLS) and 125+200 (FLS) in connection with the New BG line that runs 125 km between Karanprayag, India, and Rishikesh, Uttarakhand. The 42-month term is the deadline for contract execution.

Also Read: Tata Motors vs Tata Steel: Which Tata Group stock should you prefer in the long term?

On Friday's session, Ircon International share price opened at ₹288.50 apiece on BSE, the touched an intaday high of ₹295 and an intraday low of ₹286.45. Trendilyne data shows that Ircon International share price increased by 250.27% over the course of a year, outperforming its sector by 172.03%. So far this year, Ircon International share price has gained 70%.

“Ircon International share price has seen positive traction in the morning session, backed by volume, and has now broken above its previous swing high. Going ahead, a sustained close at current levels can trigger a further leg of upside in the coming week towards the 310 levels, whereas any dip towards 280 is likely to get bought,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.

Also Read: HDFC Bank share price falls over 3% as deposits, advances growth decline in Q1

For the quarter ending in March 2024, Ircon International Ltd reported a 15.1% increase in profit after taxes to ₹285.68 crore. According to a statement from Ircon International, it recorded profit after tax (PAT) of ₹248.18 crore for the January–March quarter of the 2022–2023 fiscal year.

From ₹765 crore in FY23 to ₹930 crore in FY24, profit after taxes climbed by 21.5%. The company's total sales increased by 0.6% to ₹3,796.59 crore from ₹3,773.97 crore in the same period last year. The firm had a total order book of ₹27,208 crore as of March 31, 2024.

Also Read: Bonus shares 2024: Remedium Lifecare share price hits 20% upper circuit as stock trades ex-bonus today

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.