IRCON International, a Ministry of Railways company, saw its shares gain as much as 4% during the early hours on Monday after the company executed the contract agreement with Sri Lanka Railways. 

In an exchange filing on Friday, the public sector company announced that it had executed the contract agreement with the Ministry of Transport, Sri Lanka, under the Indian Line of Credit at a total consideration of $14.89 million or Rs 122 crore. 

The work contract includes the procurement of design, installation, testing, commissioning and certifying of the Signalling and Telecommunication system from Maho Junction (Including) to Anuradhapura (Excluding). The contract will be completed within 24 months from the date of signing the contract, which is September 21.

As of June 30, IRCON’s order book stood at Rs 324 billion in railways and other segments like metros, roads, and other infrastructure spheres.

IRCON shares were trading at Rs 144.00, 1.80% higher than the previous closing price on the National Stock Exchange (NSE). The scrip surged 4.17% in the early hours to reach an intraday high of Rs 147.35.