IVRCL gains on bagging order from Hind Copper

IVRCL Ltd. | Engineering - Construction | Construction & Infrastructure | BSE: 530773 | NSE: IVRCLINFRA

21 Sep 2011 Evaluate

IVRCL is currently trading at Rs 40.65, up by 0.30 points or 0.74% from its previous closing of Rs 40.35 on the BSE.

The scrip opened at Rs 40.30 and has touched a high and low of Rs 40.95 and Rs 39.95 respectively. So far 2,18,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 174.00 on 27-Sep-2010 and a 52 week low of Rs 31.45 on 26-Aug-2011.

Last one week high and low of the scrip stood at Rs 43.85 and Rs 38.10 respectively. The current market cap of the company is Rs 1,085.00 crore.

The promoters holding in the company stood at 9.52% while Institutions and Non-Institutions held 52.31% and 38.17% respectively.

A consortium led by IVRCL has become L-1 EPC contractor at a quoted price of Rs 1,176 crore for the three million tons per annum (mtpa) Malanjkhand underground mine expansion project of Hindustan Copper. This is the biggest of the eight projects that the company has taken up. The bid was submitted on August 2, 2011.

For competitive bidding, the total estimated cost of the expansion projects of Hindustan Copper came down to Rs 3,400 crore from the Rs 3,677 crore, originally envisaged.

Earlier, the company awarded the contract for Khetri mine (Rajasthan) expansion to a consortium of Maheshwari Mining and Wenzhou Construction Group of China on July 15. The Rs 96.80 crore contract like all others is to be executed within five years.