Ircon International gains 4% on securing contract from Railways1 min read . Updated: 24 Sep 2020, 10:57 AM IST
- Ircon International secured works of nine road over bridges valuing more than ₹400 crore from the ministry of railways
MUMBAI: Shares of Ircon International gained as much as 4% after the company secured works of total 9 road over bridges (ROBs), valuing more than ₹400 crore, from the ministry of railways.
At 10:35 am, Ircon International stock was trading at ₹81.65 up 1.62% from its previous close, while the benchmark index, Sensex lost 1.24% to 37,201.36.
Ircon has to provide project management consultancy (PMC) services for construction of ROBs in lieu of existing level crossings. The period of completion is 24 months from the date of signing of MoU with Zonal Railways, the company said. The work has been awarded by the ministry through a competitive bidding among PSUs, it added.
From the beginning of the year, Ircon International gained 2.5% against a loss of 10% in the benchmark index, Sensex.
Ircon International Ltd reported a consolidated net profit of ₹34.46 crore for the quarter ended June against a consolidated net profit of ₹144.66 crore in the corresponding period a year ago.
Total income fell 51.30% to ₹549.29 crore for the June quarter over ₹1,127.98 crore in the year-ago period.
Ircon International is an engineering and construction comp, specialising in transport infrastructure and is wholly owned by the ministry of railways. As on 30 June 2020, the Government of India held 89.18% stake in the company.