Ircon International Gains Over 2% on Sri Lanka Railways Contract Deal

25 Sep 2023 , 03:10 PM

Ircon International’s share price rose by over 2% following the execution of a contract agreement with Sri Lanka Railways. Ircon shares increased by 1.45% to Rs 143.50 apiece on the BSE.

The contract involves the implementation of Signalling and Telecommunication systems between Maho Junction and Anuradhapura. The project is funded by the Indian Line of Credit, with a total cost of $14.89 million (approximately Rs 122 crore).

Ircon International commits to complete the project within 24 months from the contract signing date, as stated in a regulatory filing. As of June 30, Ircon’s order book stands at Rs 324 billion, with a significant 73% exposure to the railways. Ircon International is also active in other infrastructure segments such as metros, roads, and various spheres of infrastructure.

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