Ircon International Ltd saw its shares slipping on Tuesday despite announcing that it has bagged an Rs 80 crore contract from the Workshop Projects Organisation of the Indian Railways.

The company has been awarded the composite works (civil, electrical and mechanical) in connection with detachment-free rake examination facilities (Ph-II) at the exchange yard of Bondamunda, South Eastern Railway. 

The work includes the construction of an industrial shop with a pre-engineered building (PEB), electrification and illumination works, water supply system, drainage system, associated telecom works and supplying and commissioning of specified Mechanical Machineries (EOT cranes etc.).

Workshop Projects Organization, Indian Railways sent the Letter of Acceptance (LoA) on July 24 at 6:00 pm. The entire work shall be completed by January 23, 2025, i.e. within 18 months from the date of issue of the LoA.

Earlier on July 17, the company bagged a Rs 144 crore contract for the work for supply, installation, testing and commissioning of Integrated tunnel communication systems and OFC-based network system, and laying of OFC and other cables for railway network, which includes tunnels and stations in the Jiribam-Khongsang section of the Jiribam-Imphal Railway Line Project.

Shares of Ircon International were trading at Rs 90.85 at 12:30 pm, 2.1% or Rs 1.95 lower than the previous closing price on the National Stock Exchange (NSE).