IRCON International gained 2.66% to Rs 46.30 after the PSU company with its JV partner emerged as the lowest bidder for a tender floated by National High Speed Rail Corporation.
The scope of the project is to design and construct 18.133 km of viaduct involving Ahmedabad station, Sabarmati station and associated works for construction of Mumbai-Ahmedabad High Speed Rail.The bid value for the project is Rs 3,429 crore and the completion period is approximately 4.5 years.
IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 30 June 2021, the Government of India held 73.18% stake in the company.
On a consolidated basis, the company posted a 158% rise in net profit to Rs 88.99 crore on a 116% rise in net sales to Rs 1,140 crore in Q1 FY22 over Q1 FY21.
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