Shares of Ircon International Ltd surpassed Tuesday's levels and recorded a new 52-week high on Wednesday's trading session on the back of receiving orders worth 122 crore rupees from Sri Lanka railways.
On Tuesday, the company in an exchange filing said that it has been awarded the work for procurement of design, installation, testing, commissioning and certifying of signaling and telecommunication system from Maho Junction to Anuradhapura by Sri Lanka Railways, under Indian line of credit at a total price of US$ 14.89 million equivalent to approximately 122 crore rupees.
The contract period will be 24 months from the date of signing of the contract agreement, and this work was awarded through a competitive bidding process.
On the technical front, the stock has gained 84.63% from 52-week low of 34.8, and the weekly average delivery volume is 30.21%.
Further, the stock price outperformed its sector by 24.87% in the past year.
According to analysts, this is an outperforming counter, and has already rallied more than 65% in this current quarter. They believe the overall trend to remain positive.
"However, indicators are highly overbought, hence current levels risk reward for buyers is not favourable for the near term. Hence, should wait for dips to buy with immediate support at 60 level and resistance at 78 level, " said an analyst.
According to Mintgenie poll, three analysts recommend 'strong buy' for the stock.