Welspun Enterprises rose 4.5% to Rs 63.85 at 11:34 IST on BSE after the company said it has secured an order worth Rs 841.50 crore from National Highways Authority of India.
The new order was announced before market hours today, 31 December 2015.
Meanwhile, the S&P BSE Sensex was up 38.96 points or 0.15% at 25,998.99.
On BSE, so far 1.36 lakh shares were traded in the counter as against average daily volume of 30,337 shares in the past one quarter.
The stock hit a high of Rs 65.50 and a low of Rs 62.55 so far during the day. The stock had hit a 52-week high of Rs 79.10 on 5 August 2015. The stock had hit a 52-week low of Rs 24.60 on 21 January 2015.
The stock had outperformed the market over the past one month till 30 December 2015, surging 14.63% compared with Sensex's 0.71% fall. The scrip had also outperformed the market in past one quarter, jumping 12.73% as against Sensex's 0.74% fall.
The small-cap company has equity capital of Rs 173.32 crore. Face value per share is Rs 10.
Welspun Enterprises said it has been awarded with package I of the Delhi-Meerut Expressway project to be developed through the hybrid annuity model (HAM) from National Highways Authority of India (NHAI). Under HAM, the company will develop package I of the Delhi-Meerut Expressway at a bid cost of Rs 841.50 crore, and operate it for a period of 15 years. During construction, 40% of the bid project cost will be funded by NHAI, with the balance 60% to be arranged by the company. During the operation period, NHAI will pay the company this 60% in semi-annual payments, along with interest thereon. NHAI will also pay the company annualised operations and maintenance cost at Rs 3.95 crore (adjusted for inflation) for the maintenance of the project road during this period. Construction of the project is to be completed in 2.5 years after appointed date. The project is to be maintained for 15 years after construction, after which it will be transferred to NHAI, Welspun Enterprises said in a statement.
Welspun Enterprises reported net profit of Rs 1.32 crore in Q2 September 2015 compared with net loss of Rs 5.84 crore in Q2 September 2014. Net sales rose 0.3% to Rs 28.41 crore in Q2 September 2015 over Q2 September 2014.
Welspun Enterprises' (WEL) key activity is in the infrastructure business. The company operates projects on public private partnership (PPP) basis in various sectors like roads, water, and urban infrastructure.
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