IVRCL shares jump 9 pc; Co bags Rs 3,624 cr project

Shares of infrastructure firm IVRCL today gained over 9 per cent as the company bagged a project worth 2.196 billion Saudi Arabian riyal (approximately Rs 3,624 crore) to construct residential complexes in Saudi Arabia.
The stock soared 9.12 per cent to settle at Rs 14.95 on the BSE. During the day, it gained 13 per cent to Rs 15.49.
At the NSE, the scrip rose by 9.15 per cent to settle at Rs 14.90.
On the volume front, 12.40 lakh shares were traded at the BSE and while over 66 lakh shares at NSE during the day.
"IVRCL has bagged a turnkey EPC project worth SAR 2.196 billion from the Ministry of Interior-Kingdom of Saudi Arabia (KSA)," the company said in a regulatory filing.

The scope of work for this EPC (engineering, procurement and construction) project includes designing and building mass housing, and external land and infrastructure development in three locations - Dharan Al Janoube, Al Qahmah and Asir Region (ABHA), Saudi Arabia, it said.
The EPC project also covers construction of apartments, villas, administrative buildings and sewage treatment units, it said adding that about 513 buildings are to be constructed for the three sites.