Ircon International's stock price up by more than 1%; its JV gets new Rs 1,198 crore order

29 Apr 2024 , 01:14 PM

Ircon International’s share price surged by 3.5% in early trading on April 29 following an announcement that its joint venture (JV) secured a ₹1,198.09 Crore order from the East Coast Railway.

At the time of writing, Ircon International was trading at ₹256.35 on the BSE, up by ₹2.21 or 5.55%. Over the past year, the stock has gained 197.05%, and since the beginning of the year, it has increased by 46.86%. The stock reached a 52-week high of ₹280.90 on January 23, 2024, and a 52-week low of ₹68.86 on April 26, 2023. 

The company’s JV with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA), named Ircon-DRA JV, received a letter of award for the construction of the Kottavalasa-Koraput Doubling Project from Shivalingapuram Station to Borraguhalu Station by East Coast Railway on EPC mode.

The contract is expected to be completed within 1,260 days. Additionally, last week, the company received a VAT demand of ₹42.87 crore for the RCF Raebareli project for the fiscal year 2014-15.

In March, Ircon International secured an order from the National Highways & Infrastructure Development Corporation (NHIDCL) for a twin-tube unidirectional Aizawl bypass tunnel and its approaches on the Sairang-Phaiawk section in Mizoram.

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