HG Infra Engineering continued to make gains for the fifth straight session on Friday after bagging the massive order.
What Happened: The stock is upbeat after being selected as the lowest bidder by the Central Railway for a significant project involving the construction of a new broad gauge line between Dhule (Borvihir) and Nardana in Maharashtra. The estimated cost of this project is ₹716.11 crore, and the construction period is set at 30 months.
Last month, the company received a letter of award from NTPC for a contract worth ₹36.20 crore. The project involves transporting pond ash from NTPC Ramagundam to NHAI (National Highways Authority of India) road construction projects. The initial contract duration is one year, with the possibility of an extension for an additional six months.
Brokerages have also remained positive on the stock. Both HDFC Securities and Axis Securities have a “buy” call on the stock. As of September 30, the company’s order book stood at ₹10,678 crore. The stock has had good last year, going up over 35%.
Price Action: HG Infra’s share price was up 3.92% to trade at ₹919.95 in early trade on Friday.
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