Ircon International announced that the Board of Directors of the Company at its meeting held on 10 July 2020, inter alia, have recommended the final dividend of Rs 2.06 per equity Share (i.e. 103%), subject to the approval of the shareholders.

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Net profit of Ircon International rose 15.74% to Rs 115.40 crore in the quarter ended March 2020 as against Rs 99.71 crore during the previous quarter ended March 2019. Sales rose 4.24% to Rs 1873.35 crore in the quarter ended March 2020 as against Rs 1797.20 crore during the previous quarter ended March 2019.

For the full year,net profit rose 7.89% to Rs 485.31 crore in the year ended March 2020 as against Rs 449.83 crore during the previous year ended March 2019. Sales rose 12.36% to Rs 5391.51 crore in the year ended March 2020 as against Rs 4798.43 crore during the previous year ended March 2019.

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Texmaco Rail (up 12%), Hind Rectifiers (up 5%), Titagarh Wagons (up 5%), RITES (up 4.69%), IRCON International (up 4%), IRCTC (up 3.87%) and Bharat Heavy Electricals (up 1.66%) advanced.

Meanwhile, the Nifty was up 129.15 points, or 1.24% at 10,559.20.

The Ministry of Railways on Wednesday (1 July) invited Request for Qualifications (RFQ) for private participation for operation of passenger train services over 109 origin destination (OD) pairs of routes through introduction of 151 modern trains (rakes).

The 109 OD pairs have been formed into 12 clusters across the Indian Railway network. Each train shall have a minimum of 16 coaches. The project would entail private sector investment of about Rs 30,000 crore. The concession period for the project shall be 35 years.

This is the first initiative of private investment for running passenger trains over Indian railways network. The private entity shall be responsible for financing, procuring, operation and maintenance of the trains.

The private entity shall pay to Indian railways fixed haulage charges, energy charges as per actual consumption and a share in gross revenue determined through a transparent bidding process. These trains shall be operated by the driver and guard of Indian Railways.

Majority of trains will be manufactured in India (Make in India). Trains shall be designed for a maximum speed of 160 kmph. There would be a substantial reduction in journey time. The running time taken by a train shall be comparable to or faster than the fastest train of Indian Railways operating in the respective route.

The objective of this initiative is to introduce modern technology rolling stock with reduced maintenance, reduced transit time, boost job creation, provide enhanced safety, provide world class travel experience to passengers, and also reduce demand supply deficit in the passenger transportation sector.

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Ircon International announced that Sudheer Kumar (DIN # 01429832) has been superannuated from the post of Additional Member (Planning), Railway Board on 30 June 2020; hence, ceased to be a Director on the Board of IRCON w.e.f. 30 June 2020.

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