PSU Stock: IRCON shares rise over 5% as JV secures EPC contract for new Shillong secretariat
The railway sector holds a 26% share in the joint venture, amounting to Rs 285 crore, while BRC holds the remaining 74%. The contract has a tenure of 36 months.
New Delhi: Railway Construction firm, IRCON International Ltd shares surges over 5% as the company as a joint venture with Badri Rai and Company (BRC), has secured an Engineering, Procurement, and Construction (EPC) contract worth Rs 1,096.17 crore from the Directorate of Urban Affairs, Government of Meghalaya. The project involves the construction of a new Secretariat Complex, including campus infrastructure, in New Shillong City. The railway sector holds a 26% share in the joint venture, amounting to Rs 285 crore, while BRC holds the remaining 74%. The contract has a tenure of 36 months.
According to the exchange filing made, IRCON has been awarded an EPC contract floated by Directorate of Urban Affairs, Government of Meghalaya, Raitong Building, Secretariat Hills, Shillong, Meghalaya, India in JV {Badri Rai and Company (BRC) (74%) -IRCON (26%) JV} LoA by Directorate of Urban Affairs, Government of Meghalaya, Raitong Building, Secretariat Hills, Shillong, Meghalaya, India.
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IRCON Financial Result:
The company has reported a 65% drop in net profit to Rs 86 crore for the October-December quarter of FY25 compared to Rs 244 crore in the year-ago quarter. The company reported a 10% drop in revenue from operations to Rs 2,612.86 crore for the third quarter of FY2024-25, compared to Rs 2,929.54 crore in the same period of the last fiscal year.
IRCON International Ltd Shares
Shares of IRCON International Ltd are trading higher above 5.36% at Rs 145.58. The dividend yield is at 2.02% and the market capitalization is at Rs 13.71K crore.
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