Saturday, July 20, 2024
HomeNewsFinanceIRCON Shares Surge 4% After Securing Major Order from RVNL

IRCON Shares Surge 4% After Securing Major Order from RVNL

Shares of IRCON International Limited climbed by 4% on Friday morning following the announcement of a significant contract win from Rail Vikas Nigam Ltd (RVNL)

Major Order Announcement

On Thursday evening, IRCON revealed in a press release that it had received a Letter of Acceptance (LOA) for an order valued at ₹750 crore from RVNL. The contract involves the design, supply, installation, testing, and commissioning of broad gauge ballastless track (BLT), as well as the supply of ballast and track installation (excluding the supply of rails and track sleepers). This project is part of the new broad gauge line between Rishikesh and Karanprayag in Uttarakhand.

Joint Venture Details

The order was secured jointly by IRCON, Paras Railtech Private Limited, and PCM Strescon Overseas Ventures Limited. IRCON holds a 60% stake in the joint venture, with Paras holding 25% and PCM 15%. The joint venture aims to complete the project within 42 months.

Leadership Update

In related news, Hari Mohan Gupta recently assumed the role of chairman and managing director (CMD) of IRCON. Gupta will serve as CMD until his retirement on June 30, 2026, or until further orders. The company highlighted Gupta’s extensive experience in track maintenance, repair, operation, and the overhaul of large railway track machines, which are crucial for laying and maintaining railway networks.

Market Response

Following these developments, IRCON’s share price rose by 4.06%, trading at ₹291.10 as the markets opened on Friday morning.

Disclaimer: This information is provided for informational purposes only and should not be considered as investment advice. Readers are advised to consult with a qualified financial advisor before making any investment decisions.

Share your news, articles, deals, columns, or press releases with us! Click the link to submit and join our platform today.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments