Ircon International stock zooms 5% on securing order worth Rs 751 cr order

The surge in share price ame after the company announced that Ircon-Paras-PCM joint venture (JV) has been awarded with a letter of award (LoA) for the project worth Rs 751 crore, floated by RVNL

Ircon International shares rise: Shares of Ircon International zoomed as much as 5.50 per cent to hit an intraday high of Rs 295 per share on Friday. 

The surge in share price ame after the company announced that Ircon-Paras-PCM joint venture (JV) has been awarded with a letter of award (LoA) for the project worth Rs 751 crore, floated by Rail Vikas Nigam Limited (RVNL).  

In an exchange filing, Ircon International said, “This is to inform that Ircon International Limited (IRCON) has been awarded a LOA for the work of “Design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), supply of ballast and installation of track (excluding supply of rails and track sleepers) between chainage 6+015 (FLS) to 125+200 (FLS) in connection with New BG line between Rishikesh and Karanprayag (125km) in the state of Uttarakhand, India” through a Joint Venture i.e. IRCON- Paras Railtech Private Limited- PCM Strescon Overseas Ventures Limited [IRCON-PARAS-PCM (JV)] in the ratio of 60:25:15 respectively.”

 

Ircon International has been tasked with the comprehensive execution of the broad gauge ballastless track (BLT) project, excluding rail and sleeper supply, along the New BG line spanning from Rishikesh to Karanprayag in Uttarakhand, India. This include design, supply, installation, testing, and commissioning of track from chainage 6+015 (FLS) to 125+200 (FLS).

The project, valued at Rs 7,50,82,79,068.08 crore inclusive of GST, is slated for completion within 42 months. “The project has been awarded to the IRCONPARAS-PCM JV in the ratio of 60:25:15 respectively,” Ircon International added.

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 10:23 AMm shares of Ircon International were trading 4.79 per cent higher at Rs 293 per share. In comparison, BSE Sensex was trading 0.50 per cent at 79,650.26 levels.