Buy Ircon International For Target Rs. 118/126 - LKP Securities
Future Outlook
• Healthy Order Book of Rs 325bn coupled with an order inflow guidance of Rs 110bn for the current fiscal should keep the momentum going strong for IRCON this year too.
• Its net debt-free status and likely monetization of huge investments in SPV's provide added comfort despite the recent run up in the stock price.
Technical Commentary
• IRCON has given a consolidation breakout. Beside, it is maintaining above the crucial 50 exponential moving average.
• RSI is in bullish crossover on the weekly timeframe.
• The trend is likely to remain positive over the short term.
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