Ircon International, also known as Indian Railway Construction International Limited (IRCON), is an Indian engineering and construction corporation specializing in transport infrastructure. Established in 1976 by the Indian Railways under the Indian Companies Act 1956, IRCON was registered as Indian Railway Construction International Limited, wholly owned by the Indian Railways. Initially focused on railway projects in India and abroad, IRCON later expanded its operations into other transport and infrastructure sectors. In October 1995, its name was changed to Indian Railway International Ltd.

IRCON is renowned for taking on challenging infrastructure projects, particularly in difficult terrains both in India and abroad. To date, IRCON has completed over 1650 major infrastructure projects in India and more than 900 major projects across over 31 countries globally. In recognition of its achievements, the Ministry of Finance conferred 'Navratna' status on IRCON International in 2023.

Ircon's primary areas of expertise, listed in order of priority, are railways, highways, and EHT (Extra High Tension) substation engineering and construction. It is a turnkey construction company specializing in various aspects of railway infrastructure, including the construction of new railway lines, rehabilitation/conversion of existing lines, station buildings and facilities, bridges, tunnels, signaling and telecommunication systems, railway electrification, and wet leasing of locomotives. Additionally, Ircon undertakes highway construction projects and engineering, procurement, and construction (EPC) of Extra High Tension substations. Furthermore, Ircon has significant experience in metro rail projects.

Shares of Ircon International soared on Monday morning after the company clinched a substantial order.

What Happened: Over the weekend, the railway firm announced that its joint venture, Ircon-DRA, had secured the Letter of Award (LOA) from the East Coast Railway for the construction of the Kottavalasa-Koraput Doubling Project in Andhra Pradesh. This project involves doubling the Kottavalasa-Koraput railway line from Shivalingapuram Station to Borraguhalu Station and falls under the Waltair Division of the East Coast Railway.

The contract, valued at ₹1,198.09 crore, is slated for completion within 1260 days. This significant order propelled the stock's rally into the sixth consecutive session, surging over 6% to reach an intraday high of ₹266.90. Ircon International, along with other railway stocks, has shown robust performance this year, with its stock price climbing over 50% since the beginning of the year.

Price Action: Shortly after the market opened on Monday, IRCON’s share price rose by 4.37% to trade at ₹261.75.