Ircon International receives order worth Rs 723 cr from NCRTC

State owned PSU Ircon International is into engineering and construction sector on Monday Rs 723 cr work order from the National Capital Region Transport Corporation Limited (NCRTC). 

Details of the order are highlighted below:  

First order includes design, Supply, Installation, Testing and Commissioning of Receiving SubStations and associated works on Viaduct & Tunnel from Sarai Kale Khan to Duhai (EPE) [including Jangpura Stabling Yard and Duhai Depot] and SCDA system for Complete Corridor of Delhi- Ghaziabad-Meerut RRTS Corridor of NCRTC for the accepted contract amount of approximately Rs.318 Crores. The tenure for execution of works is 50 months. 

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Next order includes design, Supply, Installation, Testing and Commissioning of Receiving SubStations and associated works on Viaduct & Tunnel from Duhai (EPE) to Modipuram [including Modipuram Depot] for Delhi- Ghaziabad-Meerut RRTS Corridor of NCRTC for the accepted contract amount of approximately Rs 405 cr. The tenure for execution of works is 54 months. 

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At the current market price of Rs 85, the company is trading at a market cap of over Rs 4000 cr. The 52 week high on this company is near Rs 120. Technically analysts believe the stock can see some good positive momentum on the upside going forward. After being in a range and consolidating for some time, it seems now the stock can move on the upside going forward.  

NSE Nifty made new life highs today trading near 13040 (up 115 points) levels while BSE Sensex is up over 400 points trading near 44475 levels. Bank Nifty is trading over 29500 (up over 500 points). M&M, Eicher motors and Maruti are up 3% indicating that the Auto sector seems to be the flavour of the day so far.