Shares of IVRCL today settled for the day with gains of over seven per cent on the bourses, thereby adding Rs 24 crore to its market capitalisation.
The infrastructure major today said it has won new contracts worth Rs 2,633 crore including Rs 2,492 crore orders won by its Irrigation division in Karnataka.
Reacting to the development, shares of the company surged 10.02 per cent to an intra-day high of Rs 11.30 on the BSE. At the close of today's trading session the stock was trading at Rs 11.06, up 7.69 per cent from its previous closing price.
Following the surge in the counter the market capitalisation of the company swelled by Rs 24 crore to Rs 339 crore.
Commenting on the uptrend in the counter market analysts said the the surge was largelyt a knee jerk reaction to the morning's announcement.
The Irrigation division and Water division of the company has bagged orders of the value of Rs 2,632.85 crore," the company said in a filing to the BSE.
It said its Irrigation division won three contracts from Karnataka Neeravari Nigam Ltd (KNNL), a nodal agency for irrigation of the state government under Yettinahole project.
The irrigation contracts under Yettinahole project package II, III and V are valued at Rs 685.80 crore, Rs 1,135 crore and Rs 543.28 crore, respectively to be completed in 36 months.