Ircon International wins new order of ₹1,198 Crore

29 Apr 2024 , 02:37 PM

Ircon International’s shares rose more than 6% to ₹266.9 on the BSE on receiving a substantial order for ₹1,198 Crore by its joint venture.

In a press release, the company announced that Ircon International Limited (IRCON), in partnership with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) through their joint venture, Ircon-DRA JV, has secured the Letter of Acceptance (LOA) for the construction of the Kottavalasa-Koraput Doubling Project. This project spans from Km 45.483 to Km 72.550, covering the stretch from Shivalingapuram Station to Borraguhalu Station, as part of the Kottavalasa Koraput Doubling Project of Waltair Division, East Coast Railway. The contract is awarded on an Engineering, Procurement, and Construction (EPC) basis, with a quoted bid price of ₹1198.09 Crores.

The company is expected to complete the project within a period of 1,260 days.

In March, IRCON International was granted a letter of award (LoA) by the National Highways & Infrastructure Development Corporation (NHIDCL) for constructing a tunnel in Mizoram, valued at ₹630.66 Crore.

The project scope includes the engineering, procurement, and construction (EPC) of a twin-tube uni-directional Aizawl bypass tunnel on the Sairang Phaibawk stretch of NH-6 in the state of Mizoram. The project, worth ₹630.66 Crores, is set to be completed within 36 months.

In technical terms, the stock’s relative strength index (RSI) is at 67.6, indicating that it is not overbought or oversold. Additionally, the MACD is at 2.3, which is above its centre and signal line, indicating a bullish trend.

At around 2.05 PM, IRCON International was trading 1.57% higher at ₹254.75, against the previous close of ₹250.80 on NSE.

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