Ircon International, RITES shares jump up to 7% on management changes

Shares of Ircon International and RITES jumped over 5 percent each on January 3 after the companies announced management changes earlier this week.

IRCON informed stock exchanges on January 1 that on attaining the age of superannuation, Pramod Kumar Singh, project director for Patna, and Ravi Sahay, chief general manager (civil) ceased to be senior management personnel of the company.

At 1:17pm, the Ircon shares were trading 7 percent higher at Rs 186.70 on the National Stock Exchange (NSE). In the last one year, the stock has more than tripled investors’ income by rising over 200 percent, outperforming benchmark Nifty 50, which has risen around 18 percent during this period.

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Shares of RITES rallied over 5 percent intraday after the company on January 1 informed exchanges that Manobendra Ghoshal (chief strategy officer) has been relieved from the company to join as chairman and managing director of MSTC Limited. Ghoshal thereby has ceased to be among the senior management of RITES.

At 1:22pm, the RITES shares were trading 4.7 percent higher at Rs 522.30 on the National Stock Exchange (NSE). In the past year, the stock has rallied over 54 percent, outperforming the benchmark Nifty 50. About 40 percent of the gains in the last one year came in the last six months.

It is worth noting that in last October, both Ircon and RITES were awarded the Navratna status by the Department of Public Enterprises, making them the 15th and 16th Navratna companies among the Central Public Sector Enterprises (CPSEs).

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