GR Infra shares climb 6% on emerging lowest bidder for project of Rs 904 cr

GR Infraprojects shares fly: Shares of infrastructure company GR Infraprojects surged as much as 6.12 per cent to hit an intraday high of Rs 1,766.700 per share on Tuesday, September 24, 2024.

However, at 9:32 AM, shares were off highs and were trading 3.02 per cent higher at Rs 1715 per share. In comparison, Sensex was trading 0.06 per cent lower at 84,876.48 levels. 

The uptick in the share price of GR Infraprojects came after the company announced that it has emerged as the lowest bidder (L-1) for a project worth Rs 903.534 crore from Maharashtra Metro Rail Corporation Limited. 

 

In an exchange filing, GR Infraprojects said, “we are pleased to inform you that our Company has emerged as Lowest bidder in Financial Bid Opening dated 23rd September 2024 for the following tender invited by Maharashtra Metro Rail Corporation Limited, Nagpur (Maha Metro).”

Under the terms of order, GR Infraprojects will be responsible for the design and construction of elevated metro viaduct of length 17.624 km between Ch. 21256.814 to Ch. 38881.7 including Railway spans of length 79m & 100m and a 6-lane Double decker portion with Vehicular Underpass (VUP) from Ch. 25755.211 to Ch. 26895.211 for a total length of 1.14 km in Reach-1A of NMRP Phase-2. 

The project, meanwhile, is expected to be completed in 30 months, the company said.   

Founded in 1995, GR Infraprojects Ltd is a leading integrated Engineering, Procurement, and Construction (EPC) firm specialising in road infrastructure. 

With a robust track record, the company has designed and constructed over 100 road projects across 16 states in India. 

Its core business, which constitutes approximately 90 per cent of its revenue, encompasses EPC, Build-Operate-Transfer (BOT), and Hybrid Annuity Model (HAM) projects primarily in the road sector. In addition to road construction, G R Infraprojects is also involved in railway, metro, airport runway, and Optical Fibre Cable (OFC) projects.

The company's diversification strategy has led it into the Power Transmission sector. G R Infraprojects currently manages a portfolio of 10 operational assets, including one National Highways Authority of India (NHAI) annuity project, one state HAM project, and eight additional NHAI HAM projects.

The total market capitalisation of the company is Rs 16,629.06 crore, according to BSE.

The 52-week high of the stock is Rs 1,859.95 while its 52-week low is Rs 1,025 apiece.