 "Ceigall India climbs 6% on signing Rs 981 cr highway project with NHAI")
Shares of Ceigall India surged up to 6.1 per cent at Rs 634.20 a piece on the BSE in Thursday’s intraday trade. Ceigall India share price gained after the company’s subsidiary Ceigall Ludhiana Bathinda Greenfield Highway signed a concession agreement with NHAI for a Rs 981 crore six-lane highway project.
The highway project entails the development of a six-lane, access-controlled Ludhiana-Bathinda Greenfield highway section of NH-754AD. This stretch connects the Moga-Barnala Road (NH-703) near the village of Tallewal to the Delhi-Katra Expressway (NE-5) near Ludhiana. It forms part of the Ludhiana-Ajmer Economic Corridor under the Bharatmala Pariyojna Phase-I in Punjab and is being executed on a Hybrid Annuity Mode, the company announced in an exchange filing on Tuesday. The project will be completed within 24 months.
In the second quarter of the 2024-25 financial year (Q2FY25), Ceigall India reported net sales at Rs 809 crore, reflecting a 14 per cent increase compared to Rs 708 crore in the same quarter of the previous year.
The company posted a quarterly net profit of Rs 83.02 crore in Q2FY25, marking a 26.29 per cent drop from Rs 112.62 crore in Q2FY24.
On the equities front, the shares of Ceigall India got listed on BSE, NSE on August 8, 2024. Since then, the stock has slumped 8.77 per cent over its issue price of Rs 401.
The company has a total market capitalisation of Rs 4,309.64 crore. At 11:00 AM; the shares of the company were up 2.76 per cent at Rs 354 a piece. By comparison, the BSE Sensex was trading 0.12 per cent lower at 78,376.20 level.
Ceigall India Limited is a construction company specialising in engineering, procurement, and construction (EPC) services for highways and infrastructure projects in India. The company provides services for building and maintaining roads, highways, flyovers, bridges, tunnels, and other essential infrastructure.
With a portfolio of over 34 completed projects, notable accomplishments include the Kartarpur-Sahib Project, the Delhi-Saharanpur Project, and a road-widening initiative in Punjab.