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Why did Ircon International share price rise 3% on Wednesday, May 21?
At 1:00 PM, Ircon International shares were trading 7.81 per cent higher at Rs 149.05. In comparison, BSE Sensex was trading 0.70 per cent higher at 74,86.06 levels.
Why did the share price rise?
The uptick in Ircon International share price came after the company secured a contract from South Western Railway worth about Rs 254 crore.
Ircon International, via an exchange filing said, 'it is to inform that South Western Railway, Indian Railway has awarded the work to Ircon International Limited for survey, design, supply, installation, testing and commissioning of Kavach equipment and other associated works over 778 RKM of Bengaluru and Mysuru Divisions of South Western Railway.'
Under the terms of the award, Ircon International will be responsible for survey, design, supply, installation, testing and commissioning of Kavach equipment and other associated works over 778 RKM of Bengaluru and Mysuru Divisions of South Western Railway.
The contract is expected to be executed in 18 months from the date of issue of LOA.
Ircon International results
Ircon International is expected to release its March quarter (Q4FY25) results today. It reported a 64.8 per cent Y-o-Y fall in net profit to Rs 86.1 crore in Q3FY25, from Rs 244.7 crore in Q3FY24. The company's revenue jumped 10.8 per cent Y-o-Y to Rs 2,612.9 crore in Q3FY25, from Rs 2929.5 crore a year ago (Q3FY24).
About Ircon International
Established in 1976 under the Indian Companies Act 1956 by Indian Railways, Ircon International Limited (Ircon) is an engineering and construction corporation specialising in transport infrastructure.
The company specialises in turnkey construction services, including railways (new lines, rehabilitation/conversion, stations, bridges, tunnels, signalling, electrification, and locomotive leasing), highways, EHV sub-station projects, and metro rail systems.
Over the years, it has diversified into various segments of transport and infrastructure development.
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