Railway stocks IRFC, IRCON recover from Monday's losses, gain up to 6%

Railway stocks like IRFC, RVNL and IRCON gained as much as 6% on Tuesday, rebounding from the losses they incurred during Monday's session.

Shares of IRFC are trading with gains of 6%. They have oscillated between gains and losses over the last four trading sessions. The stock witnessed a bout of profit booking after making a record high of Rs 92.

Despite the recent correction, the stock is seeing buying at lower levels and continues to remain among the top gainers within the midcap and smallcap universe for 2023.

However, the stock is advancing on volumes that are 12% below its 20-Day Average at this time of the day.

Shares of IRCON International are also rebounding from Monday's 6% drop. The stock gained as much as 5% on Tuesday to an intraday high of Rs 139.55.

With Tuesday's surge, shares of IRCON have snapped a four-day losing streak. IRCON's shares are also trading on sub-par volumes, which are 60% below their 20-day average. IRCON's shares are down 14% over the last month.

RVNL's shares gained as much as 4% on volumes that are 65% below their 20-day average. Recently, the company received the Letter of Acceptance (LoA) from the Maharashtra Metro Rail Corp. Ltd for the design and construction of an elevated metro viaduct of length 6.92 km. The project cost is around Rs 395 crore and it is expected to be completed in 30 months.

The company also received another LoA for four different projects of Maharashtra Metro which involved construction of metro stations and other kinds of supporting structures. The total cost of these projects is Rs 256.19 crore and they would also be completed in 30 months.