IRCON share price: Railway PSU stock jumps over 4% despite weak Indian stock market; here's why
IRCON share price are rising after the railway PSU company received orders from IRCON and the Mumbai Metropolitan Region Development Authority (MMRDA).
After market hours on Friday, July 18, IRCON announced that it had received a letter of award for a project floated by RVNL. The company bid for the project in a joint venture with JPWIPL, holding a 70 per cent stake, while JPWIPL held the remaining 30 per cent.
The RVNL project is valued at nearly ₹ 756 crore, with IRCON's share of ₹ 529 crore.
IRCON has received two separate orders from the Mumbai Metropolitan Region Development Authority, worth ₹ 471.30 crore and ₹ 642.44 crore, respectively.
The ₹ 471 crore order is for the design, manufacture, supply, installation, integration, testing and commissioning of 220 kV receiving substation, including 220 kV, 33kV & 25kV cabling work, complete 25kV overhead catenary system along with switching station, 33kV auxiliary power distribution system and complete SCADA system, electrical and mechanical works, lift and escalator works for part of main line, stations and Kasheli Depot of Mumbai Metro Rail Line 5 project of MMRDA, including five years of comprehensive maintenance after two years of defect liability and maintenance period.
The ₹ 642 crore order is for the design, manufacture, supply, installation, integration, testing, and commissioning of power supply and traction, E&M, lifts, and escalators, including five years of comprehensive maintenance after two years of defect liability maintenance period of line 6, from Swami Samarth Nagar to Vikhroli, of the Mumbai Metro Rail Project of MMRDA.
(This is a developing story. Please check back for fresh updates.)
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