IRCON share price today slips over 6% on Government’s Stake sale plan

IRCON share price today: IRCON International share price has slipped to Rs 91.6, down Rs 6.3 or 6%. The government announced its plan to pare stake in the railways public sector unit. The government proposed to offload 4.7 cr shares or 10% of the total equity in IRCON International, with a green shoe option to sell an additional 2.8 cr shares or 6% of the total equity through an offer-for-sale, according to an exchange filing. The floor price was fixed at Rs 88 apiece, over 10% discount yesterday’s closing price.

As of December, the government owned an 89.18% stake in the infrastructure construction services provider. After a successful sale of the 16% stake, its holding will come down to 73.18% in line with the minimum public shareholding requirement.

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The Nifty had started a bounce from the junction of the 40-DEMA and the daily lower Bollinger Band. The recovery continued on March 02. As a result, the index has reached the hourly upper Bollinger Band and is marginally away from the 20 DMA, which is near 15000. So 15000 is a key hurdle to watch out for. If the bulls manage to surpass this level, the index can move up to test the swing high of 15176. On the other hand, 14800-14760 will act as an immediate support zone for the index.

On the daily chart, the Nifty is between the 20-day moving average (DMA) and the 40-DEMA, of 14996 and 14586, respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 14755 and 14850, respectively. The hourly momentum indicator is bullish. The market breadth was positive with 1160 advances and 724 declines on the National Stock Exchange.