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Ircon International stock rises 3.5% after board clears issue of bonus shares

Ircon International stock touched an intraday high of Rs 92.4 rising 3.59% against previous close of Rs 89.20 on BSE

twitter-logoBusinessToday.In | April 6, 2021 | Updated 12:23 IST
Ircon International stock rises 3.5% after board clears issue of bonus shares
Ircon International share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages .

Ircon International stock rose up to 3.5  today after the company's board cleared issue of bonus shares. The stock touched an intraday high of Rs 92.4 rising 3.59% against previous close of Rs 89.20 on BSE. The stock opened with a gain of 3.36% at Rs 92.20 today.

Ircon International share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages .Market cap of the firm rose to Rs 4,284 crore on BSE.

The company in an exchange filing said that bonus shares will be paid in the ratio of 1: 1. This means, the company will give an equity share for every fully paid up equity share held. The record date for the issuance of share will be announced soon.

The bonus shares will be issued out of free out of reserves of the company available as on 31 March, 2020. IRCON International is an engineering and construction company with specialization in transport infrastructure. The PSU was established in 1976.

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Ircon International reported a 35% rise in net profit to  Rs 103 crore in Q3. As of December 31, 2020, the company's total order book stood at  Rs 32,814 crore - Rs 30,709 crore for railway projects and  Rs 2,105 crore for highway projects.

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