Ircon Stock Rallies 3% On Rs 750 Cr Order From RVNL
Ircon International will complete the design, supply, installation, testing and commissioning of broad gauge ballastless track for RVNL
Ircon International stock rallied above 3 per cent in the Friday trading session after the firm bagged a contract worth Rs 750 crore from Rail Vikas Nigam for a new broad gauge track installation between Rishikesh and Karanprayag in Uttarakhand.
Ircon International is a subsidiary of Indian Railways, and it focuses on the construction of infrastructure projects.
Ircon stocks traded at Rs 287 with 2.91 per cent gain in the morning session on the National Stock Exchange (NSE).
According to the contract, Ircon International will complete the design, supply, installation, testing and commissioning of broad gauge ballastless track for Rail Vikas Nigam.
The awarded work will be completed within a time limit of 42 months.
"This is to inform that Ircon has been awarded an LOA for the work of design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), supply of ballast and installation of the track in connection with new BG line between Rishikesh and Karanprayag (125km) in the state of Uttarakhand, India," said the company in a regulatory filing.
The company informed that the awarded work will take place in Uttarakhand to connect the new Broad Gauge (BG) line between Rishikesh and Karanprayag, which extends for 125 km. The contract also includes the supply of ballast and installation of the track (excluding the supply of rails and track sleepers).
A broad-gauge line is a railway line with a track gauge (the distance between the rails) broader than 1,435 mm.
The company also stated that the contract will be fulfilled through a joint venture of Ircon-Paras Railtech and PCM Strescon Overseas Ventures in the ratio of 60:25:15 respectively. (ANI)
