IRCON shares drop 9% from record high despite positive Q4 results

From Business Today: 2024-05-22 00:45:58

Shares of IRCON International Ltd dropped 5.44% to Rs 273.95, down 9.11% from the all-time high. The rail PSU reported a 15.1% increase in net profit for Q4 FY24, reaching Rs 285.68 crore. FY24 PAT rose 21.5% to Rs 930 crore. Revenue for Q4 FY24 was Rs 3,796.59 crore, with an order book of Rs 27,208 crore.

Technical analysts are positive on IRCON, with support at Rs 260-280 and upside potential above Rs 298. Osho Krishan from Angel One sees bullish trends continuing. Shiju Koothupalakkal from Prabhudas Lilladher predicts targets of Rs 336 and Rs 357. AR Ramachandran from Tips2trades suggests profit booking as the stock is overbought.

Established in 1976, IRCON International is an engineering and construction company specializing in transport infrastructure. Granted ‘Navratna’ status, the firm is a key player in the sector. Remember, this news is for information purposes only and not investment advice. Consult a financial advisor for decisions.



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