The shares of an engineering and constructions company that builds terrains in India and overseas gained 5 percent after the business received a project from Indian Railways.
Ircon International Ltd shares were trading at Rs 94.80 a share on the National stock exchange at 12:25 p.m., up Rs 3.75 or 4.12 percent, with a market capitalization of Rs 8,972 crores.
According to the company’s exchange filing, Ircon International Limited received an order from South Eastern Railway for Combined work for the construction of an Industrial Shop with a Pre-Engineered Building (PEB), Electrification and illumination works, associated telecom works, and supplying and commissioning of specified Mechanical Machineries (EOT cranes, etc.) in connection with Detachment free rake examination facilities (Ph-II) at Bondamunda Exchange Yard, The total value of the work order is Rs 80 crore, and to be completed within 18 months after receiving the Letter of Acceptance.
Furthermore, on July 17, the company received a Rs 144 crore contract for the Jiribam-Imphal Railway Line Project for the supply, installation, testing, and commissioning of Integrated tunnel communication systems and OFC-based network systems, as well as the laying of OFC and other railway network cables.
Ircon International Limited is involved in the development and construction of railway and transportation projects. The company serves both domestic and foreign clients.
Ircon International Limited shares grew from Rs 37.30 to the present price, yielding 155 percent multibagger gains. As a result, if an investor purchased 1 lakh shares in the previous year, their holdings are now worth 2.55 lakhs!
Company’s revenues grew by 40 percent year on year, from Rs 7,379 crore in FY 21-22 to Rs 10,367 crore in FY 22-23. During the same time period, net profit increased by 38 percent,from Rs 532 crore to Rs 733 crore.
According to the recent shareholding pattern,Promoters own 73.18 percent of the company, while foreign institutional investors own 5.17 percent and retail investors own 20.59 percent stake.
Written by Omkar Chitnis
