 "Ircon International shares gain 4% on inking MoU with Patel Engineering")
Ircon International share price: Ircon International shares were buzzing in trade on Thursday, October 17, 2024. The shares rose up to 3.58 per cent to hit an intraday high of Rs 231.35 per share.
The uptick in Ircon International share price came after the company announced that it has inked a memorandum of understanding (MoU) with Patel Engineering for collaboration and co-operation with each other to explore, identify, pursue and jointly execute mutually beneficial business opportunities in various infrastructure projects in India and Overseas.
In an exchange filing, Ircon International said, “This is to inform that Ircon International Limited has signed a Memorandum of Understanding (MoU) with Patel Engineering Limited on 16th October, 2024 for collaboration and co-operation with each other to explore, identify, pursue and jointly execute mutually beneficial business opportunities in various infrastructure projects in India and Overseas.”
Ircon International financial performance
Ircon International’s net profit soared 19.5 per cent to Rs 224 crore while its revenue fell 17 per cent to Rs2,287.1 crore
At the operating level, earnings before interest, tax, depreciation and amortisation (Ebitda) dropped 2 per cent to Rs 250.6 crore, while Ebitda margin expanded about 200 basis points to 11 per cent.
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Established in 1976 under the Indian Companies Act 1956 by Indian Railways, Ircon International Limited (Ircon) is an engineering and construction corporation specialising in transport infrastructure.
The company specialises in turnkey construction services, including railways (new lines, rehabilitation/conversion, stations, bridges, tunnels, signalling, electrification, and locomotive leasing), highways, EHV sub-station projects, and metro rail systems.
Over the years, it has diversified into various segments of transport and infrastructure development. By October 1995, it had expanded its operations globally, completing more than 1,650 major projects in India, and over 900 projects across 31 countries worldwide.
At 10:11 AM shares of Ircon International were trading 1.23 per cent higher at Rs 226.10 per share. In comparison, BSE Sensex was trading 0.38 per cent lower at 81,192.20 levels.