Shares of IRCON soared by 4% on Friday morning after it announced winning a major order from Rail Vikas Nigam Ltd (RVNL). 

What Happened: IRCON has been awarded an LOA (Letter of Acceptance) for an order from RVNL, it said in a press release on Thursday evening. 

The order worth ₹750 crore involves the design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), supply of ballast and installation of the track (excluding supply of rails and track sleepers). This is in connection with a new broad gauge line between Rishikesh and Karanprayag in Uttarakhand.

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The order has been jointly won by IRCON, Paras Railtech Private Limited and PCM Strescon Overseas Ventures Limited. IRCON shares 60% of the joint venture, Paras holds and 25% and 15% are held by PCM. The order is expected to be completed by the joint venture within 42 months.

Management Shuffle: Earlier this week, Hari Mohan Gupta took charge as the company's new chairman and managing director. Gupta will serve as the CMD until his superannuation on June 30, 2026, or until further orders.

The company emphasized his extensive expertise in track maintenance, repair, operation, and overhaul of large railway track machines essential for laying and maintaining railway networks.

Price Action: IRCON was trading 4.06% high at ₹291.10 as markets opened on Friday morning.

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