Ircon International, RVNL Soar 10% as Shares Hit 52-Week Highs on Heavy Volume

Railway stocks IRFC, RVNL, Ircon rose as much as 11%.

Ircon International and Rail Vikas Nigam Limited (RVNL) shares surged 10% on the BSE in intraday trade on Monday. In contrast, the S&P BSE Sensex rose 0.05% to 59,684 at 10:56 am.

Ircon International touched a 52-week high of Rs 69.40 on Monday and was up 10% on the BSE. The stock surpassed the previous high of Rs 66.80 on December 7, 2022. The average transaction volume jumped fivefold on Monday. A total of 30.45 million shares of the company changed hands on the NSE and BSE, the data showed.

Shares of RVNL, on the other hand, hit an all-time high of Rs 84.25, up 9%, as trading volume tripled. The stock surpassed the previous high of Rs 84.15 recorded on November 29, 2022. A total of 44.35 million shares changed hands on the NSE and BSE, the data showed.

Over the past month, RVNL and Ircon International have gained 30% on the exchange, while Sensex has gained nearly 4%.

Incorporated as Indian Railway Construction Company Limited, Ircon is principally engaged in constructing railway projects in India and abroad with a diversified business in roads, construction, substations and distribution, airport construction, commercial complexes and metros. However, the company’s revenue is mainly derived from the railway sector. The report shows that the total order book as of December 31, 2022, is around Rs 38,023 crore (Railway Rs 28,834 crore, Highway Rs 7,220 crore, Others Rs 1,969 crore).

At the same time, RVNL mainly adopts turnkey projects, undertaking the entire project development cycle from conceptualization to commissioning, including the design phase, preparation of estimates, invocation and award of contracts, project and contract management, etc.

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