Saturday, July 13, 2024

Ircon International stocks surge 5% after winning Rs 751 crore order | Market News

Ircon International Stock Zooms 5% on Securing Rs 751 Crore Order

Ircon International Stock Surges After Securing Rs 751 Crore Project with RVNL

Shares of Ircon International soared by 5.50% to reach Rs 295 per share on Friday following the announcement that the company’s joint venture, Ircon-Paras-PCM, has been awarded a letter of award (LoA) for a project worth Rs 751 crore. The project, floated by Rail Vikas Nigam Limited (RVNL), involves the design, supply, installation, testing, and commissioning of a broad gauge ballastless track (BLT) from Rishikesh to Karanprayag in Uttarakhand.

In a filing to the exchange, Ircon International stated, “This is to inform that Ircon International Limited (IRCON) has been awarded a LOA through a Joint Venture i.e. IRCON-Paras Railtech Private Limited-PCM Strescon Overseas Ventures Limited [IRCON-PARAS-PCM (JV)] for the work of ‘Design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), supply of ballast and installation of track (excluding supply of rails and track sleepers) between chainage 6+015 (FLS) to 125+200 (FLS) in connection with New BG line between Rishikesh and Karanprayag (125km) in the state of Uttarakhand, India.”

The project is valued at Rs 7,50,82,79,068.08 crore inclusive of GST and is expected to be completed within 42 months. Ircon International will be responsible for the comprehensive execution of the BLT project, excluding rail and sleeper supply, along the New BG line. The company specializes in engineering and construction services for transport infrastructure, including railways, highways, EHV sub-station projects, and metro rail systems.

Shares of Ircon International were trading 4.79% higher at Rs 293 per share at 10:23 AM, outperforming the BSE Sensex, which was up by 0.50% at 79,650.26 levels. The market responded positively to the news of Ircon International securing the high-value project with RVNL, reflecting investor confidence in the company’s capabilities and growth potential.

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