Highway construction firms gain after Rail Ministry signs MoU with Road Ministry

Image
Capital Market
Last Updated : Nov 11 2014 | 11:02 AM IST

Seven highway construction companies rose by 0.44% to 10.12% at 10:30 IST on BSE after the Ministry of Road Transport & Highways and the Ministry of Railways yesterday, 10 November 2014, signed a Memorandum of Understanding.

The announcement was made after trading hours yesterday, 10 November 2014.

Meanwhile, the S&P BSE Sensex was up 94.07 points or 0.34% at 27,968.93.

Jaiprakash Associates (up 1.37%), NCC (up 1.5%), L&T (up 0.74%), Unity Infraprojects (up 1.41%), IRB Infrastructure Developers (up 2.2%) and Patel Engineering (up 0.44%) rose.

Hindustan Construction Company (HCC) jumped 10.12% after the company said after trading hours yesterday, 10 November 2014, that it has been awarded Rs 278 crore contract by the Public Works Department (PWD) of New Delhi. This is the fourth order within a month that has added Rs 1306 crore in the order book of HCC.

The Ministry of Road Transport & Highways and the Ministry of Railways yesterday, 10 November 2014, signed a Memorandum of Understanding (MoU) on policy related to constructions of Road Over/Under Bridges (ROBs/RUBs) on National Highway corridors. Through this MoU, there will be speedy clearances of various design & drawings for construction of ROBs/RUBs on National Highway Corridors and clear cut defined responsibility for construction of ROB/RUB on National Highway Corridors, the Ministry of Railways said in a statement.

Also Read

Separately, the Minister of Road, Transport & Highways, Nitin Gadkari on Monday, 10 November 2014, reviewed the status of National Highway projects in Uttar Pradesh and Uttarakhand. The various agencies involved in construction of national highways especially in projects which have been delayed were taken to task. Various reasons for delay were identified and immediate solutions were sought. The concerned officials were then instructed to take remedial action so that further delays are avoided and new deadlines set. He also reviewed the projects which were on schedule. Gadkari also reviewed the projects which are yet to be awarded and gave instructions for the speedy process.

Powered by Capital Market - Live News

More From This Section

First Published: Nov 11 2014 | 10:15 AM IST

Next Story