The share price of Ircon International, an engineering corporation, surged 2% on Monday, 10 February, after the company announced securing an order worth Rs 194 crore from Central Railway.
In its regulatory filing, the company said that Central Railway had awarded them a Letter of Acceptance (LoA) for Rs 194.45 crore for the survey, design, supply, installation, testing, and commissioning of TOWERs for Kavach and other activities linked to Central Railway.
In an exchange filing, Ircon International said, “Ircon International in an exchange filing said, “It is to inform you that Ircon International Limited (IRCON) has been awarded the Letter of Acceptance (LOA) by Central Railway for Survey, design, supply, installation, testing and commissioning of TOWERs for Kavach and other associated works over Central Railway.”
As stipulated in the order, Ircon International will supply, install, test, and commission 665 Towers for Kavach.
The order has to be finished within 14 months of the Letter of Acceptance being issued.
In a separate filing, Ircon International declared that it had been awarded an EPC contract (Package No-04) in a joint venture (AMRIL (74%) – Ircon (26%), by the Office of the Project Director, Externally Aided Projects (EAP), Public Works Department (PWD), Manipur.
As part of this project, the JV will try to build lined drains and firm pavement on a few roads under Highway South Division – Package 4. The entire length of the road is 111.182 kilometres. Rs 531.9 crore will be spent on the project.
Established in 1976 by Indian Railways under the Indian Companies Act 1956, Ircon International Limited (Ircon) is a transportation infrastructure engineering and construction firm.
The company specializes in providing full construction services for railroads (new lines, stations, bridges, tunnels, signalling, electrification, and locomotive leasing), EHV substation projects, metro rail systems, and highways.
However, at 1:18 pm, the shares of Ircon International shed all their early gains and were trading 1.26% lower at Rs 186.81 on NSE.
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