A civil construction company has bagged a major order for a road project in Gujarat. The value of this order is Rs 781 crore. Amid this news, experts are bullish on the stock on Tuesday.
HG Infra Engineering Ltd has emerged as the lowest bidder for a road upgradation project in Gujarat. The project involves upgradation of the existing six-lane road from Narol Junction to Sarkhej Junction along National Highway 47 in the state, including an elevated corridor.
The company said in an exchange filing that HG Infra Engineering Ltd has been announced as the bidder by the Ministry of Road Transport and Highways (MoRTH) for the project.
The estimated project cost by MoRTH is Rs 883.24 crore, of which HG Infra's bid is Rs 781.11 crore. The project will be implemented under Hybrid Annuity Mode (HAM), covering a length of 10.63 km. The duration of this order is 2.5 years.
Shares of HG Infra Engineering closed marginally higher at Rs 1582.95 on Tuesday. The stock has touched the level of Rs 1666.10 during trading.
Local brokerage Axis Securities has priced this stock at Rs 1800. It is advised to buy shares with this.
The stock touched a 52-week high of Rs. is 1,880. This was the stock price on July 16. In December 2023, the share price was Rs 806. This is a 52-week low for the stock.
As on June 30, 2024, the promoters hold 74.53 per cent stake in the company. Similarly, foreign investors i.e. FIIs held 2.04 percent share, domestic investors i.e. DIIs 12.12 percent share.
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