Ircon share price: Railway-related company- IRCON said on Sunday that it has acquired a railway project worth about Rs 1,200 crore through a joint venture.
This railway PSU told the stock market that IRCON International Limited (IRCON) and Dinesh chandra, R Aggarwal Infracon Private Limited (DRA) Joint Venture ‘IRCON-DRA’ has received LOA for the Kottavalasa-Koraput Doubling Project from Sivalingapuram Station to Borraguhalu Station.
In 1,260 days, according to IRCON, the project will be constructed using engineering, procurement, and construction (EPC) mode in 1,260 days. The cost of this project of East Coast Railway is Rs 1,198.09 crore.
Regarding IRCON International Limited’s shares, there was a rush to buy it on Friday. The share closed at Rs 250.80 on the last trading day of the week. The stock closed 2.96% higher than a day earlier. The 52 week high of the share is Rs 280.90. This price was in January 2023. The share price in April 2023 was Rs 69.32. In this respect, the stock has given multibagger returns.
Domestic brokerage Prabhudas Leeladhar is bullish on the shares of IRCON International. The brokerage claims that this stock will continue to rise in the coming days. Prabhudas Lilladher has given a target of Rs 280 while keeping the stop loss at Rs 210 level.
On April 19, IRCON International Limited informed that it has received VAT (Value Added Tax) demand of
Rs 42.87 crore in respect of RCF Rae Bareli project for the year 2014-15. In its stock exchange filing, IRCON International has provided information. The company will appeal against this demand.
IRCON was established to help the developing countries of the world to establish or maintain their railways. The company’s work includes construction of railways, railway electrification, signals and telecommunications, roads, highways, commercial, industrial and residential complexes, airport runways, airport construction, leasing of locomotives, mass rapid transit systems, etc.
