Why Ircon International gained 4% in trade today? check details here

Ircon International shares rose 3.9 per cent on Friday, logging an intraday high at Rs 210.55 per share on BSE. The buying of the stock came after the company's joint venture received an EPC contract worth Rs 631.2 crore.

 

Around 11:08 AM, Ircon share price was up 3.23 per cent at Rs 209.15 per share on BSE. In comparison, the BSE Sensex was up 0.62 per cent at 77,233.92. The market capitalisation of the company stood at Rs 19,670.89 crore. The 52-week high of the stock was at Rs 351.65 per share and the 52-week low was at Rs 175.25 per share. 

 

The Amril-Ircon joint venture will construct rigid pavement and lined drain of selected roads under Imphal East Division (ED – 2) of total length of 122.209 km.   ALSO READ: Healthy Q3FY25 results fuel 14% rally in Waaree Energies share price today

 

"It is to inform that Ircon International Limited (Ircon) has been awarded an EPC contract in JV (Amril -Ircon) through Letter of Acceptance by Office of the Project Director, Externally Aided Projects (EAP), Public Works Department (PWD) Manipur," the filing read. 

 

The project has to be completed in 36 months and is worth Rs 631.2 crore. In November, the company was assigned 'IVR AAA' rating for its Rs 9,000 crore long-term and short-term bank facilities by Infomerics Valuation and Rating. 

 

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. 

Ircon International is a public sector undertaking (PSU) in India, primarily involved in the construction and development of infrastructure projects related to the railways. It's a fully-owned government company under the Ministry of Railways and plays a major role in executing railway construction projects, including track laying, electrification, and the development of bridges, tunnels, and other railway-related infrastructure.

 

In the past one year, Ircon International shares have lost 14 per cent against Sensex's rise of 7 per cent.