Stock below Rs 50 in news: Ircon International witnesses volume and price surge in last hour of trade!

In the latter part of the trading session, the stock not only recouped all of its losses but also, managed to cross its prior trading session high on an intraday basis.   

The stock of Ircon International had moved below its low price of the prior trading session and recorded an intraday low of Rs 45.45 on Monday. However, in the latter part of the trading session, the stock not only recouped all of its losses but also, managed to cross its prior trading session high on an intraday basis.   

The stock gained nearly 3 per cent and closed above the 47 mark. The bulk of the gains was witnessed in the last hour of the trade along with a mammoth jump in the volumes as well.   

So, let’s know what triggers such a ballistic move in the stock price: 

The company has emerged as the lowest bidder for S&T Tenders in Sri Lanka and Bangladesh. The value of the project in Sri Lanka is approx. USD 15.5 million, which is equivalent to Rs 114 crore. Besides, the project is expected to be completed in a year.  

Another reason could be the railway signalling projects floated by the Ministry of Railways, Bangladesh for the construction of a non-interlocked colour light signalling system for all (09) stations including the construction of a telecommunication system with optical fibre in connection with the construction of Khulna-Mongla Port Rail Line Project. The value of the project is approx. BDT 28 crore (Bangladeshi Taka), which is equivalent to Rs 24 crore. The duration to complete the project is approx. six months.