Gammon Infrastructure Projects has soared 18% to Rs 17.85 after the company said it has received the letter of award (LOA) for a road project amounting to Rs 871 crore from the Madhya Pradesh Road Development Corporation (MPRDC).
“The LoA is for the 'four laning of the Sidhi - Singrauli stretch of 102.6 kms of NH 75E from km 83.4 to km 195.8 in the state of Madhya Pradesh from the MPRDC on built-operate-and- transfer (BOT) basis,” the company said in a filing to the stock exchanges.
“The project cost as estimated by MPRDC, is Rs 871.15 crore. The company will receive a total grant of Rs 339.69 crore from MPRDC during the construction period of the project. The concession period of the project is 30 years, including a construction period of 2 years,” it added.
A combined around 450,000 shares have changed hands on the counter in morning trades on the NSE and BSE.
