IRCON International share price jumps 4% on multiple order book updates: Check Details
IRCON International announced multiple order book updates that lifted investor sentiments. IRCON International has announced receipt of a letter of acceptance (LOA) from the Mumbai Metropolitan Region Development Authority (MMRDA).
Mumbai Metropolitan Region Development Authority has awarded the work to Ircon International Limited. The scope of work in one project os for CA-239, Line-5, Package-2: Design, Manufacture, Supply, Installation, Integration, Testing, and Commissioning of 220 kV Receiving Substation Including 220 kV, 33 kV & 25 kV Cabling Work, Complete kV Overhead Catenary System along with Switching Station, 33 kV Auxiliary Power Distribution System Including 33/0.415 kV Auxiliary Sub-Station (ASS), and Complete SCADA System.
The work also includes electrical and Mechanical works, Lift & escalator works for part of the main line, stations & Kasheli Depot of the Mumbai Metro Rail Line 5 Project of MMRDA. Including 5 years of comprehensive maintenance after 2 years of defect liability and maintenance period.
The contract value is ₹ 471.30 crore ( ₹ 471,297,282,000).
Another LOA received by IRCON International from the Mumbai Metropolitan Region Development Authority has awarded the work to Ircon International Limited for CA-233, Line-6, Package-2: The scope of work involves design, manufacture, supply, installation, integration, testing, and commissioning of power supply and traction, E & M, and lifts & escalators, including 5 years of comprehensive maintenance after 2 years of defect liability maintenance period of Line 6 [Swami Samarth Nagar to Vikhroli (EEH)] of the Mumbai Metro Rail Project of MMRDA.
The size of the order is ₹ 642.44 crore, or ₹ 642,440,245,134, and EUR 2,788,168.31 (Six Hundred and Forty-Two Crore Forty-Four Lakh Two Thousand Four Hundred and Fifty-One Rupees and Thirty-Four Paisa and Two Million Seven Hundred Eighty-Eight Thousand Euros Only)
IRCON International Order also announced Receipt of a Letter of Award (LOA) from Rail Vikas Nigam Limited (RVNL)
The scope of order for IRCON International in the state of Madhya Pradesh is for "Construction of Roadbed, Minor Bridges, Buildings, Installation of Track (Excluding Supply of Rails, Sleepers & Thick Web Switches), and other Civil Engineering and General Electrical Works in connection with New BG Railway Line Between Pipaliya Nankar (Excl.) – Budni (Incl.) Stations (Chainages 129.000 – 198.000 Km) in Indore-Budni section of Bhopal Division West Central Railway in Madhya Pradesh State, India "
The order is for ₹ 755.79 crore
IRCON International share price thereby opened at ₹ 192.10 and went on to hit highs of ₹ 195, and this meant gains of more than 4% during the intraday trades compared to the previous day's closing price of ₹ 186.95.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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