Ircon Int'l, RVNL surge up to 10%, hit 52-week high on heavy volumes

Shares of Ircon International and Rail Vikas Nigam Limited (RVNL) have surged up to 10 per cent on the BSE in Monday’s intra-day trade on heavy volumes in otherwise subdued market. In comparison, the S&P BSE Sensex was up 0.05 per cent at 59,684 at 10:56 am. Ircon International hit a 52-week high of Rs 69.40 and rallied 10 per cent on the BSE on Monday. In the process, the stock surpassed its previous high of Rs 66.80, touched on December 7, 2022. The average trading volumes jumped five-fold on Monday. A combined 30.45 million equity shares of the company changed hands on the NSE and BSE, data showed. On the other hand, shares of RVNL hit a record high of Rs 84.25, rallying 9 per cent with a two-fold jump in trading volumes. The stock surpassed its previous high of Rs 84.15, hit on November 29, 2022. A combined 44.35 million equity shares changed hands on the NSE and BSE, data suggests. In the past one month, both RVNL and Ircon International have rallied 30 per cent each at the bourses, as against nearly 4 per cent rise in the Sensex. Ircon, incorporated as Indian Railway Construction Company Limited mainly for the construction of railway projects in India and abroad, has diversified into roads, buildings, electrical substation and distribution, airport construction, commercial complexes, and metro segments. The company, however, mainly earns its revenue from the railway segment. The order book position as on December 31, 2022 stood at around Rs 38,023 crore (railways Rs 28,834 crore, highways Rs 7,220 crore and others Rs 1,969 crore), reports suggest. RVNL, meanwhile, mostly works on a turnkey basis and undertakes the full-cycle of project development from conceptualisation to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management, etc.