IRCON shares hit 52-week high after company's Q1 profit jumps 30%
The Railway Ministry recently gave the in-principle nod for the closure of a JV company, Bastar Railway Private Limited (BRPL). IRCON's stake in BRPL was 26 per cent.
Shares of IRCON International on Wednesday rose as much as nearly 10 per cent each to clock a 52-week high of 110.20 on the NSE. The significant jump in the shares came a day after the company reported a 30 per cent rise in its profit after tax in its first-quarter results. The shares settled at Rs 106.45 apiece, up 7 per cent on the NSE.
Why Ircon International Ltd is in news
The Railway Ministry recently gave the in-principle nod for the closure of a JV company, Bastar Railway Private Limited (BRPL). IRCON's stake in BRPL was 26 per cent.
After the go-ahead, the assets and liabilities of BRPL will also be transferred to the Ministry of Railways. The ministry said in its statement, "Ministry of Railways will take over the project, hence the joint venture is being closed."
In a separate development, Prime Minister Narendra Modi recently laid the foundation stone for the redevelopment of 508 railway stations across the country via video conferencing.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
03:41 PM IST