This Micro Cap Stock Surges 5% After Winning 3 Government Contracts

Shares of Artefact Projects surged up 5% on Thursday to hit upper circuit at ₹52.50.

What Happened: The surge comes today as the company announced bagging three orders from the National Highway Authority of India. The combined deal value for the three order is ₹14.7 crore.

The first order is for the independent engineer (IE) services for the operation and maintenance stage and construction work for four laning of the Bhavnagar-Talaja section in the state of Gujarat. The cost of this project is ₹3.36 crore, and is to be completed in three years.

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The second project is for the consultancy Services for the authority engineer for supervision of the construction of a four-lane access-controlled highway from Samarlakota to Achampeta Junction as a part of Kakinada port under Bharatmala Pariyojana. The order is worth around ₹5.76 crore and has a timeline of seven years.

The last order is for the independent engineer services for the operation and maintenance of NH-26 in the state of Uttar Pradesh and Madhya Pradesh under the north-south corridor (NHDP Phase-II). The timeline for the project is 60 months, and the value of the contract is ₹5.61 crore.

Price Action: Artefact Project’s share price was up 4% to trade at ₹52 in early trade on Thursday.

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