Ircon International is having quite a volatile run. The stock, which had closed yesterday at Rs.80.35, opened higher at 83.10 and rose further to an intraday high at Rs.83.75. From there, it slipped into the red, going down to Rs.79.40 and currently trades around same levels.
The company had good news but it was not enough to sustain the overall market fall.
The company has secured an order worth Rs.400 crore from the Ministry of Railways. This is for building 9 road over bridges.
The scope of work is to provide PMC services for Construction of ROBs in lieu of existing Level Crossings.
The period of completion is 24 Months from the date of signing of MOU with Zonal Railways.
A Memorandum of Understanding (MoU) will be executed between the PSU and the concerned zonal Railway.