Ircon International saw a 3.5 percent surge in its share price during the opening trade on April 29 following an announcement that its joint venture (JV) had secured a significant order worth Rs 1,198.09 crore from the East Coast Railway.
As of 9:33 am, Ircon International’s stock was trading at Rs 259.50, up by Rs 8.70 or 3.47 percent, on the BSE.
The company, in collaboration with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) under the Ircon-DRA JV, clinched a letter of award for the construction of the Kottavalasa-Koraput Doubling Project. This project spans from Shivalingapuram Station to Borraguhalu Station and is to be executed on an Engineering, Procurement, and Construction (EPC) basis within 1,260 days.
In addition to this recent achievement, last week, Ircon International faced a Value Added Tax (VAT) demand of Rs 42.87 crore related to the RCF Raebareli project for the fiscal year 2014-15.
Back in March, the company secured an order from the National Highways & Infrastructure Development Corporation (NHIDCL) for the construction of a twin-tube unidirectional Aizawl bypass tunnel and its approaches on the Sairang-Phaiawk section in Mizoram, valued at Rs 630.66 crore.
Ircon International’s stock had reached a 52-week high of Rs 280.90 on January 23, 2024, and a 52-week low of Rs 68.86 on April 26, 2023.
Presently, the stock is trading 7.62 percent below its 52-week high and 276.85 percent above its 52-week low.
