Kridhan Infra rose 5.76% to Rs 49.60 at 10:23 IST on BSE after the company said its associate company received a letter of intent worth Rs 105 crore.
The announcement was made after market hours yesterday, 4 December 2018.Meanwhile, the S&P BSE Sensex was down 155.48 points, or 0.43% to 35,978.83.
On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks. The stock had hit a high of Rs 52 and a low of Rs 49.05 so far during the day. The stock hit a 52-week high of Rs 142 on 5 January 2018. The stock hit a 52-week low of Rs 41 on 1 October 2018.
Kridhan Infra (KIL) announced that its associate company Vijay Nirman Company (VNC) has received a LoI (Letter of Intent) worth Rs 105 crore. The company has been mandated to construct major and minor bridges, etc. for package 4 of the Mumbai - Nagpur Super Communication Expressway in Maharashtra. The project is expected to be completed over a period of 12 months.
On a consolidated basis, net profit of Kridhan Infra rose 6.93% to Rs 14.50 crore on 18.96% decline in net sales to Rs 171.90 crore in Q2 September 2018 over Q2 September 2017.
Kridhan Infra is one of the pioneers in introducing the concept of ready-to-use steel for the construction industry in India. The company expanded its business to Singapore, Myanmar, Malaysia, and other South East Asian countries.
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