IRCON International advances after new order win

IRCON International rose 2.29% to Rs 408.65 at 10:05 IST on BSE after the company was awarded a contract worth approx $91.27 million from Sri Lanka Railways.

The announcement was made after market hours yesterday, 2 May 2019.

Meanwhile, the S&P BSE Sensex was up 116.44 points, or 0.3% to 39,097.87

On the BSE, 1,947 shares were traded in the counter so far, compared with average daily volumes of 1,871 shares in the past two weeks. The stock had hit a high of Rs 414.05 and hit a low of Rs 405.70 so far during the day.

IRCON International was awarded an international railway contract worth approx $91.27 million (equivalent to Rs 635 crore) from Sri Lanka Railways under the Ministry of Transport & Civil Aviation, Govt. of Sri Lanka. The contract is for upgradation of the Northern Railway line from Maho-Omanthai in Sri Lanka. Under the contract, IRCON will upgrade single line broad gauge track from Maho-Omantha of around 128 km length including associated infrastructure works.

IRCON International's net profit fell 8.36% to Rs 102.77 crore on 33.82% rise in net sales to Rs 1215.89 crore in Q3 December 2018 over Q3 December 2017.

IRCON International (formerly known as Indian Railway Construction Company) is a Mini Ratna and Schedule 'A' PSU incorporated mainly for the purpose of construction and development of Railway Infrastructure in India and abroad with the expertise from Indian Railways.

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