IVRCL rebounds on new order win

Company wins orders worth Rs 653cr

IVRCL has surged nearly 3%, recovering from its morning lows, following news that the company has received an order worth Rs 652.65 crore.

The irrigation, buildings and water divisions of the companies has bagged orders worth Rs 652.65 crore. This includes a project from Government of Andhra Pradesh estimated to finish in 36 months and another project from Sardar Sarovar Narmada Nigam, Gujarat estimated to complete in 15 months.

The stock after opening at Rs 44.50, slipped to a low of Rs 42.90. It rebounded 9% from there to a high of Rs 46.75. Shares of IVRCL are trading at Rs 45.85 - up 1.6% from yesterday's close at the moment. Around 1.32 million shares have been traded so far, as against a two week trading average of 1.61 million shares.