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  1. HCC bags contract worth Rs 1,749.59 cr from IRCON International, shares rally over 4%

HCC bags contract worth Rs 1,749.59 cr from IRCON International, shares rally over 4%

Hindustan Corporation Company Ltd (HCC) shares rallied over 4 per cent on Tuesday after the company bagged contract worth Rs 1,749.59 cr from IRCON International Ltd to construct two tunnels and bridge on Katra - Banihal section of Udhampur -Srinagar - Baramulla New BG Railway Line Project.

By: | Updated: July 26, 2016 4:20 PM
HCC bags contract worth Rs 1,749.59 cr from IRCON International, shares rally over 4% HCC will construct two main tunnels totaling 12.8 km along with parallel safety tunnels, a 200 m bridge adjoining these two tunnels and a station yard at Basindadhar. (Photo: Reuters)

Hindustan Corporation Company Ltd (HCC) shares rallied over 4 per cent on Tuesday after the company bagged contract worth Rs 1,749.59 cr from IRCON International Ltd to construct two tunnels and bridge on Katra – Banihal section of Udhampur -Srinagar – Baramulla New BG Railway Line Project.

At 12.48 pm, share price of the company was trading 1.06 per cent up at Rs 23.90. The scrip opened at Rs 23.80 and has touched a high and low of Rs 24.75 and Rs 23.30, respectively, in trade so far. Later, the scrip settled 0.21 per cent down at Rs 23.60.

According to the contract, HCC will construct two main tunnels totaling 12.8 km along with parallel safety tunnels, a 200 m bridge adjoining these two tunnels and a station yard at Basindadhar.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52-week-high of Rs 29.20 on Oct 21, 2015 and a 52-week-low of Rs 16.35 on Aug 25, 2015.

Last one week high and low of the scrip stood at Rs 24.75 and Rs 22.55 respectively. The current market cap of the company is Rs 1827.13 crore.

The promoters holding in the company stood at 36.07 per cent, while Institutions and Non-Institutions held 23.91 per cent and 40.03 per cent respectively.

For HCC, this is the fourth order from IRCON International Ltd. HCC is a leader in engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.

IRCON International Ltd, an autonomous constructing agency for the Indian Railways, was entrusted with the task to construct Baramulla to Dharam section of Udhampur -Srinagar – Baramulla rail link.

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