 "The construction cost for developers has gone down with projects being completed within the timeframe, a source said")
Shares of HG Infra Engineering have moved higher by 8% to Rs 294 per share on the BSE in noon deal in otherwise subdued market after the company said it has been declared, lowest bidder (L-1) for new EPC project under Ministry of Road Transportation & Highway (MORTH) for upgradation to two lane with paved shoulder configuration from Kundal to Jhadol in the state of Rajasthan. The completion period is 18 months.
HG Infra bid price at Rs 1,870 million against project cost of Rs 1,913 million, it added.
The stock hit its highest level since listing on Friday, March 9, 2018. The stock had settled at Rs 270.05 on BSE, almost flat compared to its initial public offer (IPO) price of Rs 270 per share. It touched intra-day low of Rs 253 on debut day.
At 02:45 pm; the stock was trading 6% higher at Rs 286 on the BSE, as compared to 0.21% decline in the S&P BSE Sensex. A combined 2.24 million shares changed hands on the counter on the BSE and NSE so far.
HG Infra bid price at Rs 1,870 million against project cost of Rs 1,913 million, it added.
The stock hit its highest level since listing on Friday, March 9, 2018. The stock had settled at Rs 270.05 on BSE, almost flat compared to its initial public offer (IPO) price of Rs 270 per share. It touched intra-day low of Rs 253 on debut day.
At 02:45 pm; the stock was trading 6% higher at Rs 286 on the BSE, as compared to 0.21% decline in the S&P BSE Sensex. A combined 2.24 million shares changed hands on the counter on the BSE and NSE so far.
