SRM Contractors jumped 4.17% to Rs 217.40 after the company announced that it has signed an agreement for a new EPC Project with National Highway Authority of India (NHAI).
The project involves upgradation and strengthening of Nashri-Chenani section of NH-244 via Patnitop in the UT of Jammu and Kashmir.
The quoted price of the said project is Rs 278.48 crore and the project has to completed within a period of 24 months.
The value of the aforementioned contract is nearly 0.58 times the full market capitalization of SRM Contractors, which as of previous close was at Rs 478.84 crore.
SRM Contractors is an engineering construction and development company undertaking construction of roads (including bridges), tunnels, slope stabilisation works and other miscellaneous civil construction activities in hilly, challenging and difficult terrains and geography such as the Union Territories of Jammu & Kashmir and Ladakh. It executes construction both as an EPC contractor and on an item rate basis for infrastructure projects.
The company had reported 11.73% fall in consolidated net profit to Rs 6.17 crore despite a 4.93% rise in revenue to Rs 107.87 crore in Q4 FY24 over Q4 FY23.
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