Ircon share price hits lifetime high. Should you buy as profit-booking triggers?

Ircon share price has been in an uptrend since the last week of March 2023. After bottoming out at around ₹55 apiece levels, shares of Ircon International Ltd have been climbing to new peaks regularly. In the last nine months, Ircon share price has ascended from ₹55 to ₹190 apiece levels, delivering to the tune of 250 per cent to its positional shareholders. So, Ircon shares are one of the multibagger stocks that the Indian stock market has delivered in recent years. However, it seems that Ircon shares still possess some upside potential.

Ircon share price today opened upside and went in to hit a new lifetime high of ₹190.65 apiece on NSE, logging a near 2 per cent rise against its yesterday's close of ₹187.10 per share levels.

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According to stock market experts, Ircon Internationa shares are rising because of the government's focus on rail infrastructure. They said that the Government of India (GoI) has announced to investment ₹7 lakh crore in the rail infrastructure sector, which has fueled rail stocks including Ircon International. They also said that the market is expecting some big announcements in the infrastructure sector in the upcoming union budget 2023 and this is also providing support to Ircon and other railway stocks.

Why Ircon share price is skyrocketing?

On triggers aiding Ircon share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The GoI has declared to infuse ₹7 lakh crore on rail infra development out of which ₹1 lakh crore will be utilized for procuring new trains. As Ircon International will be a direct beneficiary of this government plan outlay, the market has gone highly bullish on Ircon shares."

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Ircon share price target

Expecting further upside in Ircon share price, Sumeet Bagadia, Executive Director at Choice Broking said, "Ircon share price is looking positive on chart pattern. Those who have this stock in their portfolio can hold it for near term target of ₹200 maintaining stop loss at ₹175 apiece levels. Fresh investors can buy this scriop for the same target maintaining stop loss at ₹175 levels."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.Also