Ircon International shares jump over 6% on Rs 1,198 crore order win
Ircon International shares surged over 6% to Rs 266.9 on BSE following the announcement of a significant order win worth Rs 1,198 crore by its joint venture.
«Ircon International Limited (IRCON) under its Joint Venture with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) i.e. Ircon-DRA JV has been awarded the LOA for the construction of Kottavalasa-Koraput Doubling Project from Km 45.483 to Km 72.550 from Shivalingapuram Station to Borraguhalu Station in connection with Kottavalasa Koraput Doubling Project of Waltair Division, East Coast Railway on EPC mode at a quoted bid price of Rs 1198.09 Crores,» the company said in an exchange filing.
The contract is slated for completion within 1,260 days.
Also Read: BSE shares tumble 19% on regulatory setback; Jefferies downgrades to holdAs of 11:07 am, the stock was trading 2.3% higher at Rs 256.5 on BSE. Notably, the stock has delivered multibagger returns, marking over 240% gains in the last one year and 520% in the past two years.
Additionally, in March, IRCON International secured a letter of award (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for the construction of a tunnel in Mizoram valued at Rs 630.66 crore.
The scope of work encompasses the construction of a twin-tube uni-directional Aizawl bypass tunnel on the Sairang Phaibawk section of NH-6 in the state of Mizoram on an engineering, procurement, and construction (EPC) basis. The project, valued at Rs 630.66 crores, is scheduled to be executed within 36 months.
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