Railway Stock Zooms 6% After Bagging ₹1,198 Cr Order

Shares of Ircon International were galloping on Monday morning as the company bagged the massive order.

What Happened: The railway company over the weekend announced that its joint venture, Ircon-DRA, has secured the Letter of Award (LOA) from the East Coast Railway for the construction of the Kottavalasa-Koraput Doubling Project in Andhra Pradesh on an Engineering, Procurement, and Construction (EPC) mode basis.

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The project encompasses doubling the Kottavalasa-Koraput railway line, extending from Shivalingapuram Station to Borraguhalu Station. This initiative is part of the Kottavalasa-Koraput Doubling Project under the Waltair Division of the East Coast Railway.

With a contract value of ₹1198.09 crore, the order is expected to be completed within 1260 days. The order helped the stock extend its rally to the sixth straight session, going up over 6% to hit an intraday high of ₹266.90. The stock along with other railway stocks has had a great year. Since the start of the year, the stock has gone up over 50%.

Price Action: IRCON’s share price was up 4.37% to trade at ₹261.75 shortly after market open on Monday.

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