Rs 29,436 crore order book and FIIs & DIIs increase stake: Heavy buying witnessed in this multibagger railway stock; gains over 400 per cent!

Shares of the company gained more than 50 per cent in the last six months.

Shares of Ircon International gained more than 7.00 per cent on Thursday. The stock was one of the Top Gainers today. Recently, Ircon International Limited (IRCON) partnered with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) to form a joint venture (Ircon-DRA JV) that has secured a contract from East Coast Railway. The contract, valued at Rs. 1198.09 crore, will be executed using the Engineering, Procurement, and Construction (EPC) mode within 1260 days.

In the recent quarter Q3FY24, Ircon International reported robust Q3FY24 results, with net sales growth of 22.92 per cent to Rs 2,884.22 crore. The operating profit increased by 41.65 per cent, and net profit stood at Rs 207.59 crore, which increased by 4.3 per cent from the previous year's same quarter. The order book of the company as of 31st December 2023 stood at Rs 29,436 crores.

Ircon International Limited has delivered multibagger returns to its shareholders in the last three years. During this period, the company's share price surged from Rs 51.20 on May 21, 2021, to Rs 261.40 on May 16, 2024, representing an increase of over 400 per cent in a three-year holding period.  

Ircon International Limited (IRCON) commenced its business in 1976 as a railway construction company, it diversified progressively since 1985 as an integrated engineering and construction PSU specializing in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc. FIIs & DIIs have increased their stake in the company in March 2024.

The stock has shown impressive growth, and investors should keep a close eye on this stock.  

Disclaimer: The article is for informational purposes only and not investment advice.