Ircon International gained 1.39% to Rs 47.30 after the EPC company emerged as the lowest bidder for construction of 4 by 6 lane green fields in Ludhiana Rupnagar NH205 K road project under BMP in Punjab on hybrid annuity mode.
The project was floated by National Highways Authority of India on competitive bidding and value of the project is approx. Rs 1107 crore. The completion period is 2 years.The work will be undertaken & executed by a Special Purpose Vehicle ("Concessionaire" as a limited liability company) which shall be incorporated by IRCON as its wholly-owned subsidiary company.
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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