Ircon International Stock Surges 5% After Securing Rs. 751 Crore Order.

Ircon International's stock surged by as much as 5.50% to reach an intraday high of Rs 295 per share on Friday. This spike followed the announcement that the Ircon-Paras-PCM joint venture (JV) had secured a letter of award (LoA) for a project worth Rs 751 crore from Rail Vikas Nigam Limited (RVNL).

In a statement to the exchange, Ircon International confirmed, “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 the 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 the supply of rails and sleepers, along the New BG line from Rishikesh to Karanprayag in Uttarakhand, India. This project includes the design, supply, installation, testing, and commissioning of the track from chainage 6+015 (FLS) to 125+200 (FLS).

Valued at Rs 751 crore, inclusive of GST, the project is expected to be completed within 42 months. Ircon International added, “The project has been awarded to the IRCON-PARAS-PCM JV in the ratio of 60:25:15 respectively.”

Established in 1976 under the Indian Companies Act 1956 by Indian Railways, Ircon International Limited (Ircon) is an engineering and construction corporation specializing in transport infrastructure. The company provides turnkey construction services, including railways (new lines, rehabilitation/conversion, stations, bridges, tunnels, signaling, electrification, and locomotive leasing), highways, EHV sub-station projects, and metro rail systems.

Over the years, Ircon 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.

BS