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IRCON International continues upmove, ends at a 52-week high

IRCON International continues upmove, ends at a 52-week high

IRCON International continues upmove, ends at a 52-week high
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By CNBCTV18.com Nov 15, 2022 5:20 PM IST (Published)

The company’s stock has risen by over 10 percent over the past week.

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Shares of IRCON International ended at a 52-week high on Tuesday, taking its total surge for the year to 24 percent.
For the September quarter, the company's consolidated net sales grew nearly 50 percent from last year while net profit increased by 35 percent.

Shares have risen over 30 percent over the last month.

IRCON International has operations in many states across India and other countries like Malaysia, Bangladesh, Nepal, South Africa, Algeria, Myanmar, and Sri Lanka.

The company which is in the construction business is also planning to go into engineering, procurement, and construction contracts in railways which are going to come up in a big way.

The miniratna public sector enterprise is a turnkey construction company and it has a big portfolio of projects on highways. The company has successfully delivered many projects in railways, highways, and extra high-tension substation engineering and construction.

The move is also in-line with other railway-oriented stocks that have been on a tear ever since veteran investor Ramesh Damani told CNBC-TV18 during a Diwali interaction that he is bullish on railway-oriented names.
IRCON International ended 5 percent higher at Rs 56.10.

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