GR Infraprojects up 3% on emerging lowest bidder for project in Karnataka

The uptick in share price came after the company announced that it has emerged as the lowest bidder (L-1) for a project in Karnataka. The company, however, did not disclose the cost of the project.

GR Infra in focus: Shares of GR Infraprojects rallied as much as 2.91 per cent to hit an intraday high of Rs 1,644.90 per share on Wednesday, August 7, 2024.

However, at 9:28 AM, shares were off highs and trading per cent higher at 1599.30 per share. In comparison, Nifty50 was trading 1.12 per cent higher at 24,261.85 levels. 

The uptick in the share price came after the company announced that it has emerged as the lowest bidder (L-1) for a project in Karnataka. The company, however, did not disclose the cost of the project.
 

In an exchange filing, GR Infraprojects said, “We are pleased to inform you that our company has emerged as L‐1 bidder for establishing “Transmission scheme for integration of Tumkur‐II REZ” in the State of Karnataka, through tariff based competitive bidding (TBCB) process on build own operate and Transfer (BOOT) basis.”

REC Power Development and Consultancy Limited, the Bid Process Coordinator (BPC), has conducted e‐reverse auction on August 6, 2024. 

“The responsibility of the TSP would be to establish the Transmission System comprises of Establishment of 400/220 kV 4x500 MVA Pooling Station near Tumkur, Karnataka, 400kV DC Line Tumkur‐II – Tumkur (Pavagada) with 2 nos. 400kV Line bays and 2x125 MVAr 420 kV bus reactors with bays at Tumkur‐II PS, GR Infraprojects said in a statement. 

Founded in 1995, G R Infraprojects Ltd is a leading integrated Engineering, Procurement, and Construction (EPC) firm specialising in road infrastructure. 

With a robust track record, the company has designed and constructed over 100 road projects across 16 states in India. 

Its core business, which constitutes approximately 90 per cent of its revenue, encompasses EPC, Build-Operate-Transfer (BOT), and Hybrid Annuity Model (HAM) projects primarily in the road sector. In addition to road construction, G R Infraprojects is also involved in railway, metro, airport runway, and Optical Fibre Cable (OFC) projects.

The company's diversification strategy has led it into the Power Transmission sector. G R Infraprojects currently manages a portfolio of 10 operational assets, including one National Highways Authority of India (NHAI) annuity project, one state HAM project, and eight additional NHAI HAM projects.

The total market capitalisation of the company is Rs 15,463.46 crore, according to National Stock Exchange (NSE). The 52-week high of the stock is Rs 1,860 while its 52-week low is Rs 1,024.95.