IRCON International jumped 4.21% to Rs 42.10 after the company said that it has been awarded work valuing Rs 256 crore by Mahanadi Coalfields (MCL).
The company informed that it has been awarded the work of stage-III i.e. detailed engineering and project management consultancy (PMC) services for development of rail infrastructure for proposed 02 nos. RLS (20 MTY) for Ananta OCP of Jagannath Area at Talcher by Mahanadi (MCL) at total value of Rs 256 crore.
The duration of the project shall be fifteen months from the date of receipt of LOA/work order from MCL.
IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 30 June 2022, the Government of India held 73.18% stake in the company.
The company's consolidated net profit increased by 62.46% to Rs 144.57 crore on a 75.29% jump in sales to Rs 2,001.91 crore in Q1 FY23 over Q1 FY22.
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