Shares of Ircon International Ltd surged 3% on 17 October after the company announced that they had signed a Memorandum of Understanding (MoU) with Patel Engineering. 

In its regulatory filing, the company said, “This is to inform that Ircon International Limited has signed a Memorandum of Understanding (MoU) with Patel Engineering Limited on 16 October, 2024 for collaboration and co-operation with each other to explore, identify, pursue and jointly execute mutually beneficial business opportunities in various infrastructure projects in India and Overseas.”

FII (Foreign Institutional Investors) lowered their holding in the company during the September quarter. FII’s by the end of June quarter held 3.94% stake in the company from 4.17%. 

Whereas, retail investors raised their stakes in the company to 25.56% against 23.41% reported at the end of June quarter. 

The company is a public sector construction company focusing on infrastructure projects, with a particular expertise in executing railway projects on a turnkey basis and through other models. Originally starting as a railway construction firm, it has gradually diversified into areas such as roads, buildings, electrical substations and distribution, airport construction, commercial complexes, and metro rail projects.

At 11:45 am, the shares of Ircon International were trading 0.88% higher at Rs 225.47 on NSE.

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