IRCON International, IRFC, RVNL, GTL Infra, SJV Shares Surge Amid High Volumes

Read Time:2 Minute, 38 Second

Table of Contents

Momentum in the Market

In Monday’s trading session, shares of Indian Railway Finance Corporation Ltd (IRFC), RVNL, IRCON International, GTL Infrastructure Ltd, SJVN, and Infibeam Avenues experienced significant gains, with some surging up to 16%. These notable movements were accompanied by robust trading volumes on the NSE (National Stock Exchange). Data reveals that Mazagon Dock Shipbuilders, BHEL, and HDFC Bank also witnessed substantial turnovers on the exchange.

IRFC Leads in Volume

IRFC emerged as the leader in trading volume on the NSE, with its stock surging by 9.99% to reach Rs 84.80. A staggering 10,73,23,239 shares, valued at Rs 991 crore, changed hands within the first few hours of trading.

Railways-Linked Companies Gain

The uptick in railway-linked stocks can be attributed to the recent announcement of an infrastructure deal aimed at connecting India with Middle Eastern countries. Discussions involving the US, Saudi Arabia, and other nations revolve around the establishment of a railway network connecting India via ports and shipping lanes. This ambitious project aims to bolster connectivity to West Asia and includes links to Jordon, Saudi Arabia, and Ethiopia.

IRCON International’s Impressive Surge

IRCON International, with its presence in Jordon, Saudi Arabia, and Ethiopia, experienced a remarkable surge of 15.56%, reaching Rs 154.45. The stock saw a substantial trading volume of 4,31,85,286 shares, valued at Rs 648 crore.

Vodafone Idea and GTL Infra

Vodafone Idea shares gained 4.13%, closing at Rs 10.65, with 6,37,51,719 shares traded. GTL Infra shares advanced by 9.52%, reaching Rs 1.15, with a trading volume of 5,54,84,659 shares, worth Rs 6 crore.

Additional Stock Movements

Shares of JP Power witnessed a modest increase of 2.11%, closing at Rs 9.70. The stock saw a trading volume of 4,72,83,469 shares, valued at Rs 48 crore. SJVN shares surged by 8.75% to Rs 69.60, with 3,80,88,279 shares changing hands, amounting to Rs 261 crore.

Positive Developments for SJVN

SJVN, through its wholly-owned subsidiary SJVN Green Energy, inked a significant power purchase agreement (PPA) with Bhakra Beas Management Board (BBMB). Additionally, India Ratings & Research affirmed the ratings on unsecured, rated, listed, redeemable non-convertible debentures issued by the company. The rating stands at AA plus with a stable ‘outlook.’

In terms of turnover, Mazagon Dock Shipbuilders recorded Rs 628 crore, while BHEL reported a turnover of Rs 544 crore. Other stocks with substantial turnovers included HDFC Bank, REC, PFC, Praj Industries, Adani Ports, and CDSL.

Disclaimer: It is important to note that no trading decisions should be solely based on the information provided here. Individuals seeking to invest or trade should consult a qualified broker or financial advisor for guidance. The information presented is for educational and informational purposes only. Business Today disclaims all warranties, express or implied, related to the content and does not endorse or guarantee any investment decisions based on it.