Ircon International sharer price was up again on Thursday, its third gain in the last five sessions. The stock has been on the uptrend for the last week , amid a strong overall show by the broader railway and infrastructure segment. In addition, Ircon’s Board members will meet on May 21, when the company is expected to agree on a dividend, give an outlook of its financials for FY 2025 and highlights its orderbook strengths.
The strong momentum on Ircon share price is underlined by 21% gains in the last five trading sessions and 14% gain in the last month. The bullish undercurrent will likely keep the stock on the uptrend in the lead-up to its board meeting next week. The strongest propulsion on the stock is from its growing orderbook, which just got bolstered by Rs 51.61 crore (approximately $6.2 million) contract win.
Ircon International won the contract from North Western Railway for Provision of Remote Diagnostic Predictive Maintenance System. The company had approximately Rs 22,000 crore ($2.64 billion) worth of orders at the end of December 2024. It has since won multiple contracts since the year begun, including a Rs 1,096 crore ($131.5 million) joint venture for the construction of a secretariat complex in Shillong, Rs 458 crore ($55 million) contract from North Eastern Electric Power and Rs 187 crore ($22.47 million) from Kerala State IT Infrastructure Limited.
The strong order book is likely to continue to grow in the coming months as the Indian Government has prioritised infrastructure development in its medium-term plan. This favours continued upside by Ircon share price.
Ircon Share Price Prediction
Ircon share price pivot mark is at Rs 176.20 and the upside will likely continue if action stays above that level. That momentum will likely meet initial resistance at Rs 180.20 However, an extended control by the buyers will clear that hurdle and potentially take the stock higher to test Rs 183.25.
Alternatively, the price could break below Rs 176.20 and shift the momentum to the downside. That will likely see the first support established at Rs 173.00. The upside narrative will be invalid below that mark, and the resulting momentum could take the action lower to test Rs 168.70.
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