IRCON International’s share price jumped 9% to an intra-day high of Rs 150.40 on the National Stock Exchange. The surge in the stock price came after the company received a contract almost worth Rs 1,100 crore from the Government of Meghalaya.
The contract needs to be completed within 36 months. “It is to inform that 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,” read an exchange filing.
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The company’s consolidated net profit slumped 65% year-on-year to Rs 86 crore in the third quarter of the current financial year, compared to Rs 244.70 crore posted in the same period last year. The state-run engineering and construction company’s revenue from operations fell 10% YoY to Rs 2,612.86 crore for the quarter ending December 2024, as against Rs 2,929.54 crore in the same period a year ago. According to the exchange filing, the total order book stands at Rs 21,939 crore.
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The share price of IRCON International has risen 0.14% in the past five trading sessions. The stock has fallen 3.4% in the past one month and 36% in the last six months. The stock has erased 32% of investors’ wealth in the previous one year.
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