IRCON International advanced 2.43% to Rs 46.45 after the company emerged as the lowest (L-1) bidder for upgradation and four laning of Haridwar Bypass in the State of Uttarakhand on hybrid annuity mode.
The project was floated by National Highways Authority of India on competitive bidding and value of the project is approximately Rs 861 crore (bid project cost). The completion period of the project is 2 years.
This work will be undertaken & executed by a special purpose vehicle, which shall be incorporated by IRCON as its wholly-owned subsidiary company. "Letter of Award is yet to be issued by National Highways Authority of India, IRCON said in a statement.
IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 30 September 2021, the Government of India held 73.18% stake in the company.
The company reported a 49.8% increase in consolidated net profit to Rs 125.94 crore on a 46.4% rise in net sales to Rs 1,523.19 crore in Q2 FY22 over Q2 FY21.
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