Ircon International Signs MoU with Patel Engineering

17 Oct 2024 , 10:56 AM

The shares of Ircon International rose after the announcement of singing a MoU with Patel Engineering Limited. The agreement aims to encourage and explore mutual beneficial business wchich will also include identifying, pursuing, and jointly executing the infrastructure projects. The companies will take up the projects in India and abroad

Currently, the company’s shares have also been declined due to reduced in shareholding pattern by mutual funds. Mutual funds now hold 0.31% of Ircon, down from 1.67% at the end of June.

Notably, the Quant Active Fund exited its position in Ircon during the July-September period, having held a 1.15% stake at the end of the June quarter. Additionally, foreign institutional investors (FIIs) also reduced their stakes, with FII holding decreasing to 3.94% from 4.17% at the end of June. In contrast, retail investors have increased their stake in the company, holding 25.56%, up from 23.41% reported at the end of June.

In the previous trading session, shares of Ircon International closed 0.5% higher at ₹223 on the National Stock Exchange (NSE). The stock has appreciated approximately 27% year-to-date, outperforming the Nifty’s return of 14.8%. Over the past year, Ircon shares have risen about 39%, compared to a 26% gain for the Nifty index during the same period.