Rs 7,50,82,79,068.08 order bagged from RVNL & Rs 27,208 crore order book: Multibagger railways construction stock hit 52-week high on July 12
The stock gave multibagger returns of 335 per cent in just 1 year whereas BSE Sensex Index is up by 23.1 per cent.
On Friday, shares of Ircon International Ltd surged 9.22 per cent and made a fresh new 52-week high of Rs 349.90 per share from its previous closing of Rs 319.90. At the closing bell, shares of the company were trading at Rs 336.85 per share, up 5.30 per cent with a spurt in volume by more than 2.78 times on BSE.
Order Update: IRCON, in partnership with Paras Railtech Private Limited and PCM Strescon Overseas Ventures Limited, has secured a substantial contract from Rail Vikas Nigam Limited (RVNL). The joint venture, known as IRCON-PARAS-PCM, will be responsible for designing, supplying, installing, testing, and commissioning a new broad gauge ballastless track (BLT) along a 125-kilometer stretch between Rishikesh and Karanprayag in Uttarakhand, India. The project, valued at Rs 7,50,82,79,068.08, excludes the supply of rails and track sleepers. IRCON will hold a 60 per cent stake in the joint venture, while Paras Railtech and PCM Strescon will contribute 25 per cent and 15 per cent, respectively. The entire project is expected to be completed within a 42-month timeframe. This contract marks a significant development for IRCON and its partners, reinforcing their position in the railway infrastructure sector.
About the Company
Ircon International is a leading Indian infrastructure company specializing in railways and highways. Founded in 1976, it has executed over 400 domestic and 128 international projects. Offering engineering, procurement, construction, and project management services, Ircon is involved in both public and private sector projects.
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Order Book Update: The total order book as of March 31, 2024, stands at Rs 27,208 crore.
The break-up of which is as follows:
- Railways – Rs 21,158 crore
- Highways – Rs 5,964 crore and
- Others – Rs 86 crore.
IRCON is a PSU company with a market cap of Rs 31,687 crore and reported positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock gave multibagger returns of 335 per cent in just 1 year whereas BSE Sensex Index is up by 23.1 per cent. Investors should keep an eye on this railway construction company’s stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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