Ircon International’s stock is drawing attention as the company signed a Memorandum of Understanding (MoU) with Patel Engineering Limited. The partnership aims to collaborate on and jointly execute infrastructure projects in India and overseas. The agreement is set to enhance both companies’ business prospects by exploring new infrastructure opportunities.
Additionally, the stock is in focus due to changes in its shareholding pattern. During the September quarter, mutual fund holdings in Ircon dropped to 0.31 percent from 1.67 percent at the end of the June quarter, with Quant Active Fund exiting its 1.15 percent stake. Foreign institutional investors also reduced their holdings to 3.94 percent from 4.17 percent. In contrast, retail investors increased their stake to 25.56 percent, up from 23.41 percent in the previous quarter.
Shares of Ircon International ended 0.5 per cent higher at Rs 223 on the NSE in the previous session. The counter is up around 27 per cent on a year-to-date basis, against the 14.8 per cent rally in the Nifty. The stock has risen around 39 per cent in the last one year, while the Nifty surged 26 per cent in the same period.
Going ahead, Ircon is expected to show a 10% YoY decline in revenue at Rs 2,595 crore and PAT of Rs 204.6 crore in the coming quarterly results, says Antique Broking’s preview.
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Source: Moneycontrol
News Desk
