Ircon International surged 8.60% to Rs 59.35, extending gains for the third trading session.
Shares of Ircon International jumped 19.78% in three trading sessions from its recent closing low of Rs 49.55 on 23 December 2022.On the BSE, 22.11 lakh shares were traded in the counter so far compared with average daily volumes of 12.05 lakh shares in the past two weeks. The stock hit a high of Rs 60.20 and a low of Rs 53.90 so far during the day.
The stock hit a 52-week high of Rs 66.80 on 7 December 2022. The stock hit a 52-week low of Rs 34.80 on 17 June 2022.
The stock had underperformed the market over the past one month, declining 3.65% compared with 2.48% decline in the Sensex.
The scrip had outperformed the market in past three months, surging 51.8% as against Sensex's 7.69% jump.
The counter had also outperformed the market in past one year, jumping 32.18% as against Sensex's 5.27% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 51.447. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 54.95, 47.94 and 43.64, respectively. These levels will act as crucial support zones in near term.
Ircon International is a public sector construction company, with emphasis on infrastructure projects, with specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a railway construction company, it diversified progressively to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works.
On consolidated basis, the company's net profit rose 38.3% to Rs 174.18 crore on 47% jump in revenue from operations to Rs 2,238.85 crore in Q2 F23 over Q2 FY22.
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