Ircon International inks contract worth Rs 1,900 crore

Ircon International on Thursday announced that it has won an order worth Rs 1,900 crore from Indian Railways. Reacting to the news, the share surged 4.26 per cent in BSE.

The engineering & construction organisation secured railway electrification works for diverse routes of 2,251 route kilometre (RKM) on a competitive bidding basis among public sector enterprises (PSUs) from Ministry of Railways, Government of India.

The projects are to be executed between 15 and 20 months from the date of signing of the agreement with the zonal railways.

The company specialises in the construction activities and services in infrastructure with the core area of competence being railway and highway construction, EHP sub-station, and MRTS.

At 3.20 pm on Thursday, the share was trading at Rs 86.95 with gains of 4.44 per cent on BSE and later, touched an intraday high of Rs 87.70. In comparison, the benchmark index S&P BSE SENSEX was trading down by 0.78 per cent. The share has a 52-week high of Rs 119.76 and a 52-week low of Rs 58.2 on BSE.