IRCON International added 2.90% to Rs 49.70 after the company emerged L -1 bidder in a tender valuing approximately Rs 5142 crore floated by National High Speed Rail Corporation (NHSRCL).
The tender involves design, supply and construction of track and track related works including testing and commissioning for double line high speed railway between Zaroli village at Maharashtra-Gujarat Border and Vadodara in the State of Gujarat and the Union Territory of Dadra and Nagar Haveli for the project for construction of Mumbai-Ahmedabad High Speed Rail.
"The completion period of the project is approximately 6.5 year, the company said in a statement.
Letter of award (LoA) is yet to be issued by NHSRCL, it added.
IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 30 June 2021, the Government of India held 73.18% stake in the company.
On a consolidated basis, the company posted a 158% rise in net profit to Rs 88.99 crore on a 116% rise in net sales to Rs 1,140 crore in Q1 FY22 over Q1 FY21.
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