IRCON International secured a letter of award (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for the construction of a tunnel in Mizoram valued at Rs 630.66 crore.
Shares of IRCON International surged by 6.4% after securing a significant EPC contract worth ₹1,198 crore for the Kothavalasa-Koraput Doubling Project. With extensive operations, Ircon International is set to benefit from the government s record investments in railways and roads.
In the construction operations, the railway sector accounts for 94% of the revenue mix. The company carries out its railway construction services on a turnkey basis. In the infrastructure development business, IRCON develops and maintains railways and roads on a build, operate, and transfer (BOT) mode.
IRCON International said non-retail investors can participate in the OFS on December 7. Retail investors, and non-retail investors who choose to carry forward their unallotted bids, can participate in the issue on December 8, Friday.
IRCON International shares tanked 8.43 per cent to hit a low of Rs 157.50 on BSE. With this, the multibagger stock has cut its year-to-date rise to 166.58 per cent.