H.G. Infra Engineering's stock price surged 8.91% to Rs 1585 following the announcement that they emerged as the L-1 (lowest) bidder for two tenders floated by the Maharashtra State Road Development Corporation (MSRPC).
The combined value of these projects is a significant Rs 4,142.22 crore. The company's present market capitalization stands at Rs 10,329.62 crore.
The projects involve constructing sections of the Nagpur-Chandrapur access-controlled super communication expressway, both utilizing the EPC (Engineering, Procurement, and Construction) mode.
The first project, awarded under Package NC-04, involves construction on a 28.2 km stretch that runs from Chargaon (Bhadravati taluka) to Nandgaon Kh (Korpana taluka) in Chandrapur district. While MSRDC's estimated cost was Rs 1,554.45 crore, HG Infra's bid project was Rs 1,991.11 crore. The targeted completion period is 30 months from the appointed date.
The second project, awarded under Package NC-05, involves construction on a 31.750 km section that stretches from Nandgaon Kh (Seloo taluka) to Jogapur (Ballarpur taluka) in Chandrapur district. MSRDC's initial cost estimate was Rs 1,654.92 crore, and HG Infra's bid amounted to Rs 2,151.11 crore. The targeted completion period is 30 months from the appointed date.
H G Infra Engineering is primarily involved in the construction of roads and highways in Odisha, Telangana, Rajasthan, Delhi, Andhra Pradesh, Haryana, and Uttar Pradesh. HGIEL is accredited AA class by the Public Works Department (PWD) of the Government of Rajasthan (GoR) and is registered as an SS class contractor by the Military Engineer Services (MES).
The companys consolidated net profit rose 11.17% to Rs 190.03 crore on a 11.26% increase in revenue from operations to Rs 1,708.26 crore in Q3 FY24 over Q3 FY23.
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