IRCON shares surge 9% on securing ₹1,096 cr order
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Shares of Ircon International surged 9% in early trade today, reaching a high of ₹150.40 on the NSE. The stock got boost after the company secured a ₹1,096.17 crore EPC contract from the Meghalaya government.
The company bagged the ₹1,096.17 crore contract for the construction of a new Secretariat Complex, including campus infrastructure, in New Shillong City, Meghalaya. It has been awarded to a joint venture (JV) between Ircon International and Badri Rai and Company, with Ircon holding a 26% stake and Badri Rai and Company holding the remaining 74%. Ircon's share of the contract is valued at ₹285 crore. The project will be executed on an Engineering, Procurement, and Construction (EPC) basis over 36 months.
Ircon shares opened at ₹143.60, up 3.9% from its previous close of ₹138.17, after the announcement of the contract, which came post-market hours. The shares are currently trading at ₹146.01, up 5.67% from the last close.
On Monday, shares closed 1.75% lower at ₹138.17, while the benchmark NSE Nifty 50 advanced 0.5%. Over the past 12 months, the stock has gained 25.39%.
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The company declared an interim dividend of ₹1.65 per share in February, while the Navratna public sector enterprise reported a 64.89% decline in consolidated net profit for the December quarter. Ircon posted a profit of ₹86 crore compared to ₹245 crore in the same period last year. Operating income (EBITDA) dropped 49.05% on a yearly basis to ₹131.5 crore, with the EBITDA margin shrinking 377 basis points to 5.03%, down from 8.81% a year ago. Revenue fell 10.83% year-on-year to ₹2,612 crore.
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