Ircon International rises 8% on getting 'IVR AAA' rating from Infomerics

Ircon International shares gained 7.5 per cent in Monday's trade and logged an intraday high of Rs 201.6 per share on BSE. The stock advanced after Infomerics Valuation and Rating assigned 'IVR AAA' rating for its Rs 9,000 crore long-term and short-term bank facilities.

 

Around 10:49 AM, Ircon's share price was up 5.49 percent at Rs 197.8 per share on BSE. In comparison, the BSE Sensex was up 1.55 per cent at 80,350.94. The market capitalisation of the company stood at Rs 18,579.89 crore. The 52-week high of the company was at Rs 351.65 per share and the 52-week low was at Rs 157.5 per share.

 

An 'IVR AAA' rating from Informerics means that the issuer has the highest level of safety and the lowest credit risk in terms of servicing financial obligations on time. The rating has been assigned to the company by Infometrics as a part of a regular rating exercise.

 

Meanwhile, the company was also levied with a fine of Rs 5,42,800 for non-compliance with regulations by BSE and National Stock Exchange (NSE). As per the filing, half of the board was not independent, for the quarter ended September 30, 2024.

 

In this regard, the company clarified that it is a government company and all directors are appointed by the government through its Administrative Ministry i.e., Ministry of Railways (“MoR”), and Ircon has no role to play in the appointment of any director.

 

IRCON International Limited is a public sector undertaking (PSU) under the Ministry of Railways, established in 1976. It is a leading infrastructure company in India, primarily involved in the construction and development of transportation infrastructure, including railways, highways, bridges, and airports. IRCON is known for executing large-scale infrastructure projects both within India and internationally. 

 

The company specialises in railways, signaling, electrification, and civil engineering projects, offering end-to-end services from planning and design to execution and maintenance. With a strong reputation for quality and timely delivery, IRCON has expanded its operations to several countries, contributing significantly to global infrastructure development. It plays a vital role in enhancing transportation connectivity and economic growth, both domestically and abroad.

 

In the past one year, Ircon International shares have gained 13 per cent against Sensex's rise of 20 per cent.