On Tuesday, Ircon International’s shares will be in the spotlight! The company, which is owned by the government and specializes in engineering and construction, just got a big job worth Rs 187.08 crore (not including GST). They will build a special park for rural industries in Thiruvananthapuram, Kerala.
This project is ordered by Kerala State IT Infrastructure Ltd. (KSITIL) and will take 30 months to complete. The work involves making roads and other necessary buildings to help boost industries in rural areas.
Just last week, Ircon also secured another impressive job. They received a Rs 458.14 crore contract from North Eastern Electric Power Corporation (NEEPCO). This contract is for constructing parts of the Tato-I Hydro Electric Project in Arunachal Pradesh and will take 45 months to finish.
What Analysts Think:
According to Trendlyne, the average target price of Ircon’s stock is Rs 164, which means it could go up by 3% from what it is now. But three experts suggest it’s a ‘Sell’ right now.
Stock Performance:
Ircon International’s shares closed 3.7% higher at Rs 158.6 on BSE on Monday, while the Sensex (a market index) rose by 0.37%. The stock is down 27% for the year, but it has shot up 290% over the past three years. Right now, the company is valued at Rs 14,921 crore.
(Disclaimer: Opinions shared by experts are their own and do not reflect the views of NiftyStat.)
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