Ircon International shares increase over 4% after signing agreement with Sri Lanka Railways

Synopsis Shares of Ircon International increased over 4% to Rs 147 in Monday’s trade on BSE after the company performed the contract arrangement with the Sri Lanka Railways.AgenciesShares of Ircon International leapt 8% to settle at Rs 106 on the NSE after the company reported a 29.6% year-on-year (YoY) increase in its combined net revenue at Rs 187.4 crore for the very first quarter that ended June 30, 2023. Shares of Ircon International increased over 4% to Rs 147 in Monday’s trade on BSE after the company performed the contract arrangement with the Sri Lanka Railways. “Ircon International Limited has actually performed the contract arrangement with Sri Lanka Railways, Ministry of Transport, Sri Lanka for the work of procurement of style, setup, screening, commissioning and licensing of signalling and telecommunication system from Maho Junction (Including) to Anuradhapura (Excluding) under Indian Line of Credit at an overall rate of USD 14.89 million comparable to approx. Rs 122 crore on 21st September 2023,” the business stated in an exchange filing. The work will be finished within 24 months from the date of finalizing of the agreement. At 10.49 a.m., the scrip was trading 2.9% greater at Rs 145.5 on BSE. It has actually likewise provided multibagger go back to its financiers as the stock has actually increased over 170% in the last 6 months. It has actually likewise rallied over 250% in the previous one year. According to Trendlyne information, the typical target rate of the stock is Rs 114, which suggests a disadvantage of 22% from the present market value. The agreement suggestion from one expert for the stock is a ‘Buy’. Technically, the stock’s day RSI (14) is at 61. The RSI listed below 30 is thought about oversold, and above
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