IRCON shares bounce 8%. But is it just a dead cat rally?

After sliding over 30 per cent this year, IRCON International surprised the Street today with a sharp rebound. The stock jumped nearly 8 per cent to Rs 191 (as of 11:30 AM on May 16) on the BSE, making it one of the top gainers among railway PSUs. So, what's behind this sudden pop? What does IRCON do? IRCON International is a state-owned engineering and construction company under the Ministry of Railways. It builds railway lines, roads, highways, metro systems, and power transmission infrastructure, both in India and abroad. It's been around since 1976 and has completed over 2,500 projects globally. Numbers at a glance Metric Value Market cap Rs 17,964 crore Price-to-Earnings (P/E) 23.5 EPS Rs 8.12