This PSU stock hit a 52-week high today

Trending company: This PSU stock hit a 52-week high today

Indian Market
by 5paisa Research Team Last Updated: 2022-11-16T13:54:44+05:30

Shares of the company surged 7%.

On November 11, the market is trading flat. At 12:50 pm, the S&P BSE Sensex is trading at 61,968.87, up 0.15%, while NIFTY50 is up 0.06% and trading at 18,415.05. About sectoral performance, Industrial and IT outperformed the market, while Metal and Utilities are among the top losers. Regarding stock-specific action, Ircon International Ltd hit a fresh 52-week high today and is among the top-performing stock in BSE group ‘A’.

Shares of Ircon International Ltd have surged 7% and are trading at Rs 676.95, as of 12:50 pm. The stock opened at Rs 56.05 and made an intraday high and low of Rs 62.1 and Rs 55.8, respectively.

On November 12, the company announced its September quarterly results. Since the result announcement, the shares of Ircon International have rallied more than 19% in just three trading sessions.

For the recent quarter Q2FY23, on a consolidated basis, the total revenue from operations increased by 37% YoY and came in at Rs 2,239 crore. For the same quarter, EBITDA jumped up YoY by 44%. While the net profit improved YoY by 38% from Rs 126 crore in Q2FY22 to Rs 174 crore in Q2FY23. In all, the company had reported a good set of numbers.

Ircon International Ltd is a PSU engaged in integrated engineering and construction, specialising in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc.

As per September quarterly filings, the Government of India hold 73.18% ownership in the company, non-institutional investors hold 23.52%, FIIs hold 1.96%, and the rest 1.08% is held by DIIs.

The company's market capitalisation is Rs 5610 crore and currently trades at a PE multiple of 8.3x. The stock has a 52-week high and low of Rs 62.1 and Rs 34.8, respectively.

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