Ircon International has gained after 2 days of consecutive fall. It opened with a gain of 3% at Rs.411, going up over Rs.414. Its 52-week high is at Rs.470.
The stock rose on news that it has received an international railway contract worth Rs.635 crore Sri Lanka Railways under the Ministry of Transport & Civil Aviation, Govt. of Sri Lanka.
The contract is for upgradation of the Northern Railway line from Maho-Omanthai in Sri Lanka.
Under the contract, IRCON will upgrade single line broad gauge track from Maho-Omantha of around 128 km length including associated infrastructure works.
This is an item rate contract which is financed through Exim Bank of India as per Indian lines of credit. The project is to rebuild the rail track to make it capable of carrying trains at speeds of 120 kmph and with heavier loads and to ensure efficient, safe, and comfortable transport service for passengers and freight.
Previously, IRCON has successfully executed five high-value Railway Projects in Northern Sri Lanka with a cumulative contract value of over USD 645 Million.
lrcon International Limited (formerly known as Indian Railway Construction Company Limited), a Mini Ratna has so far completed more than 380 infrastructure projects in India and 127 projects across the globe in more than 24 countries. As per 2018 edition of Engineering News Record (ENR) of USA, IRCON is the only Indian PSU and one of the only six Indian companies to make it to the list of top 250 International Contractors.