Rs 35 to Rs 91: This railway stock scaled all-time high within a year

Shares of state-owned IRCON International Ltd hit their all-time high from 52-week low within a year. The railway stock, which fell to a 52 week low of Rs 35.55 on June 22, 2022 scaled a record high of Rs 91.70 on June 21 this year. This implies the stock surged 158% during the period. In the last three years too, the stock rallied over 86%.

The railway stock, which closed at Rs 45.38 on June 22, 2020 rose to a high of Rs 84.69 on the BSE today. In comparison, Sensex has risen 81.14 per cent in three years. In the previous session, IRCON International stock ended 1.20% lower at Rs 84.69 on BSE. Total 4.36 lakh shares of the firm changed hands amounting to a turnover of Rs 3.70 crore on BSE. Market cap of the firm stood at Rs 7965.23 crore.

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In terms of technicals, the relative strength index (RSI) of IRCON International stands at 56.4 signaling it's trading neither in the overbought nor in the oversold zone. IRCON International stock has a one-year beta of 1.1, indicating high volatility during the period.

One promoter held 73.18 per cent stake in the firm and 297622 public shareholders owned 26.82 per cent or 25.22 crore shares for the quarter ended March 2023. Of these, 289352 public shareholders held 13.22 crore shares or 14.07% stake with capital up to Rs 2 lakh. Only 64 shareholders with 1.649% stake held capital above Rs 2 lakh for the quarter ended March 2023.

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IRCON International posted a 25 per cent rise in its profit at Rs 248.18 crore during the March quarter, helped by higher income. It had clocked Rs 197.09 crore profit after tax (PAT) during the January-March quarter of the 2021-22 financial year (FY). Revenue of the company climbed 31.72 per cent to Rs 3,773.97 crore from Rs 2,865.12 crore in the year-ago quarter.

The board also recommended a final dividend of Rs 1.20 per equity share on a face value of Rs 2 per share for FY23.

IRCON International is an engineering and construction company with specialisation in transport infrastructure. The PSU was established in 1976.

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