IRCON Intl rises for 5th day

IRCON International rose 0.59% to Rs 85.55, extending gains for fifth day in a row.

The stock has added 4.58% in five sessions from its recent closing low of Rs 81.80 recorded on 17 November 2020.

During market hours on Monday (23 November), IRCON International said that it secured two orders worth about Rs 723 crore for railway electrification works from the National Capital Region Transport Corporation (NCRTC).

The first order is for design, supply, installation, testing and commissioning of receiving substations and associated works on Viaduct & Tunnel from Sarai Kale Khan to Duhai (EPE) and Supervisory Control And Data Acquisition (SCADA) system for complete corridor of Delhi- Ghaziabad-Meerut RRTS corridor of NCRTC for the accepted contract amount of approximately Rs 318 crore. The tenure for execution of works is 50 months.

The second order is design, supply, installation, testing and commissioning of receiving substations and associated works on Viaduct & Tunnel from Duhai (EPE) to Modipuram for Delhi- Ghaziabad-Meerut RRTS corridor of NCRTC for the accepted contract amount of approximately Rs 405 crore. The tenure for execution of works is 54 months.

IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As on 30 September 2020, the Government of India held 89.18% stake in IRCON International.

On a consolidated basis, the company's net profit rose 1.5% to Rs 84.07 crore on a 15.9% fall in net sales to Rs 1040.41 crore in Q2 FY21 over Q2 FY20.

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