Ircon International surges 2% on upgrading railway line in Sri Lanka

Ircon International Limited shares gained 2 percent in early trade on July 17 after the company announced it has commissioned the first phase of upgradation of the railway line from Maho to Omanthai track rehabilitation project from the Sri Lanka Railways.

At 9:40 am, Ircon International was quoting at Rs 81 apiece, up 1 percent from the previous trading session on the National Stock Exchange.

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Ircon International Limited recently announced the appointment of Anand Kumar Singh as the Director (Projects), effective from July 7, 2023. Singh will hold this position until 2025 or until further orders. He has replaced Sandeep Jain, who has stepped down from his additional charge as the Director (Projects) starting from July 7, 2023.

The company posted a 25-percent growth in its profit after tax at Rs 248 crore during the March quarter, helped by higher income, compared to Rs 197 crore net profit during the same quarter last year.

The total revenue of the company jumped 32 percent during the March quarter, reaching Rs 3,773 crore compared to Rs 2,865 crore in the corresponding quarter of the previous year.

The company specialises in executing projects related to railway construction, which includes various aspects such as ballastless tracks, electrification, tunnelling, signal, and telecommunication. Ircon International has a strong presence in the construction industry and has successfully completed numerous projects in these areas.

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