Sadbhav Engineering rose 3.09% to Rs 60 after the company's joint venture (JV) emerged as lowest bidder for a metro rail project in Surat, Gujarat.
In a regulatory filing made before market hours today, the company said that the Gujarat Metro Rail Corporation (GMRC) declared Sadbhav Engineering (SEL)-S.P. Singla Constructions (SPSCPL) joint venture as the lowest bidder for a Gujarat-based metro rail project.
The project involves construction of 11.6 K.M. elevated viaduct from Kadarsha Ni Nal to Dream City dead end, including ramp for depot entry near Dream City and 10 Stations (excluding E&M, architectural finishing and roofing) for Surat Metro Rail Project Phase-1. The construction period for the same is 30 months.
While the GMRC's cost was Rs 805.15 crore, the company's bid the project cost at 779.73 crore. In the JV, SEL holds 74% stake while the remaining 26% stake is held by SPSCPL.
"Letter of Award (LoA) is expected to receive soon from Gujarat Metro Rail Corporation (GMRC)," the company said in statement.
SEL is engaged in the construction and maintenance of roads and highway, and irrigation system (canal). The firm is also engaged in the site preparation for mining, including overburden removal and other development. The company's segments include EPC Contracts and BOT (toll & annuity).
SEL reported a consolidated net loss of Rs 40.51 crore in Q2 FY21 as against net loss of Rs 15.94 crore in Q2 FY20. Net sales during the quarter declined by 42.4% YoY to Rs 540.72 crore.
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