• IRCON is under Railway Ministry.
• It enjoys MINI RATNA status.
• It has planned relisting after a gap of 7 years.
• Issue is attractively priced with a discount of Rs. 10 per share for Retail investors.
• It has order on hand worth Rs. 22406 crore.
ABOUT COMPANY:
IRCON International Ltd. (IRCON) is an integrated Indian engineering and construction company, specialising in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities. We provide EPC services on a fixed-sum turnkey basis as well as on an item-rate basis for various infrastructure projects. IRCON also executes on build, operate and transfer mode in various projects in order to meet the requirements of its bids. In 2016, the company ranked number 248 in the list of the top 250 international contractors by Engineering News Record (ENR) of the United States. IRCON is headquartered in Saket, New Delhi and has an overseas office in Malaysia. Additionally, have 26 project offices in India and abroad (including in Sri Lanka, Bangladesh, South Africa and Algeria) and five regional offices to support and manage business operations. IRCON enjoys “Mini Ratna” status.
The equity markets settled 1 per cent higher on Friday as the rupee recovered against the dollar.
The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up 373 points while the broader Nifty50 index settled at 11,515, up 145 points.
In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.
Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi’s Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank.
The rupee strengthened by over 60 paise to 71.58 against the US dollar in intra-day trade. On Wednesday, the domestic currency rebounded from its historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar.
This apart, Prime Minister Narendra Modi will hold a meeting with finance ministry officials later in the day to discuss the fall in the rupee and other economic issues. Rupee is Asia’s weakest currency in 2018, down more than 12 percent on a widening current account deficit and higher oil prices.
Big gains can be hard to find in the financial markets. Nowadays, though, they seem to be everywhere — and that could change how you feel about taking risks.
As of Nov. 16, the S&P 500 is up 359% since the bull market began March 9, 2009, counting dividends, according to S&P Dow Jones Indices. This year alone through Nov. 16, Alphabet (the parent company of Google) has returned 32%, Amazon.com 52%, Apple 50% and Facebook 56%, including dividends. Bitcoin, the digital currency, has gained more than 700% so far this year.
Against that backdrop, even what investors used to regard as a generous annual gain — say, 10% — starts to feel paltry. New research into a mental process called “contrast effects” shows how that works and how it can alter your behavior.
Finance professors Samuel Hartzmark of the University of Chicago Booth School of Business and Kelly Shue of Yale University’s School of Management analyzed nearly 76,000 earnings announcements from 1984 through 2013 in which companies earned either more or less than investors were expecting.
One of our favorite investors at The Acquirer’s Multiple – Stock Screener is Bill Miller.
Miller served as the Chairman and Chief Investment Officer of Legg Mason Capital Management and is remembered for beating the S&P 500 Index for 15 straight years when he ran the Legg Mason Value Trust.
One of the best resources for investors is the Legg Mason Shareholder Letters. One of the best letters ever written by Miller was his Q4 2006 letter in which he discussed the end of his 15 year ‘winning streak’ and how too many investors miss the most important aspect of investing by focusing on value or growth. Miller writes, “The question is not growth or value, but where is the best value?” It’s a must-read for all investors.
Here’s an excerpt from that letter:
Calendar year 2006 was the first year since I took over sole management of the Legg Mason Value Trust in the late fall of 1990 that the Fund trailed the return of the S&P 500. Those 15 consecutive years of outperformance led to a lot of publicity, commentary, and questions about “the streak,” with comparisons being made to Cal Ripken’s consecutive games played streak, or Joe DiMaggio’s hitting streak, or Greg Maddux’s 17 consecutive years with 15 or more wins, among others. Now that it is over, I thought shareholders might be interested in a few reflections on it, and on what significance, if any, it has.
The benchmark indices ended higher on Friday aided by strong gains in automobiles and metal stocks after the rupee firmed against US dollar. The S&P BSE Sensex ended at 38,390, up 147 points while the broader Nifty50 index settled at 11,589, up 52 points.
Among the sectoral indices, the Nifty Auto index settled 2.2 per cent higher led by a rise in the share prices of Hero MotoCorp, Bajaj Auto, Mahindra and Mahindra, and Tata Motors. Nifty Metal index, too, rose 1.9 per cent led by MOIL and Jindal Steel & Power.
The rupee was trading higher by 24 paise to 71.75 against the US currency in late morning deals on Friday due to sustained bouts of dollar selling from banks and exporters. Earlier, the rupee resumed slightly higher at 71.95 against yesterday’s closing level of 71.99 a dollar at the interbank foreign exchange market here.
Shares of YES Bank hit an over four-month low of Rs 322 per share, down 5% on the BSE on the back of heavy volumes. The stock was the largest loser among the S&P BSE Sensex and Nifty 50 index.
Here’s a great article at the WSJ by Burton Malkiel, author of A Random Walk Down Wall Streetand Chief Investment Officer of Wealthfront. Malkiel provides two strategies that might be worth considering in an overpriced world saying:
“What, then, can an investor do to control risk? The two strategies that work are broad diversification and rebalancing.”
Here’s an excerpt from that article:
What should an investor do when all asset classes appear overpriced? The 10-year U.S. Treasury bond currently yields about 2.6%, much lower than the 5% historical average and only slightly higher than the Federal Reserve’s 2% inflation target. Yields of lower-quality bonds are unusually meager compared with those of traditionally safe Treasurys.
For equities, the cycle-adjusted price/earnings ratio, or CAPE—the valuation metric that does the best job in predicting future 10-year rates of return—is about 34. That’s one of the highest valuations ever, exceeded only by the readings in 1929 and early 2000, prior to crashes. Today’s CAPE suggests that the 10-year equity rate of return will be barely positive.
Here are some top investing tips to consider amid the market volatility.
Ben Graham
Widely regarded as the “father of value investing,” Graham’s surgical analysis of stocks made him and his clients a great deal of money. But before he became Warren Buffett’s mentor or earned Wall Street’s reverence, Graham lost most of what had already become a small fortune in the stock market crash of 1929 and the ensuing Great Depression. It was then that Graham learned a hard lesson about risk-taking.
After that, Graham became one of the first to make investments based solely on financial analysis. Before his death in 1976, Graham’s philosophy was simple: invest in companies whose shares trade below the firm’s liquidation value. He implemented smart analysis of market psychology, investing by numbers when others did so by fear or greed.
The benchmark indices ended flat on Friday amid weakness in the rupee, which hit a new low breaching 71 per dollar mark for the first time earlier today.
The S&P BSE Sensex ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points.
Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy’s Laboratories. The Nifty IT index, too, settled 1.8 per cent higher led by Tech Mahindra and MindTree. However, Nifty Bank index slipped 0.15 per cent due to a fall in YES Bank’s shares.
The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.
J B Chemicals & Pharmaceuticals rose 1.51% to Rs 342.20 on BSE after the company’s board of directors the buy-back of equity shares. The announcement was made during market hours today, 31 August 2018.
The U.S. stock market plunged Monday, with the Dow Jones falling nearly 1,600 points at one point, the biggest single-day drop in its history. It then turned around and regained 567 points on Tuesday. What the remainder of the week holds in store is anyone’s guess.
Many experts had been forecasting a decline for months after a prolonged upswing resulted in a series of record highs. Several factors are likely to have been involved. The Bureau of Labor Statistics January jobs report, released on Friday, was almost certainly one of them. It generated worries about inflation and bond yields, together with concern The Federal Reserve may raise interest rates faster than expected—events that may have “spooked” the markets.
Markets translate the decisions of millions of people into a price for a stock or bond. Like a spooked crowd in a public place, investors tend at times to run in the same direction—let’s all play the lottery or let’s escape the burning movie theater.
The work of visionaries such as Nobel laureates Richard Thaler and Daniel Kahneman has demonstrated humans do not operate as rational agents, as assumed by classical economics. From this realization have emerged disciplines such as behavioral economics, neuroeconomics and the like.
