Welspun Enterprises up 13% on emerging as lowest bidder for TN road project

The stock moved higher by 13% to Rs 174 on the BSE after the company said it has emerged as the lowest bidder (L1) for a National Highways Authority of India project in the state of Tamil Nadu.

Shares of Welspun Enterprises have moved higher by 13% to Rs 174 per share on the BSE after the company said it has emerged as the lowest bidder (L1) for a National Highways Authority of India (NHAI) project in the state of Tamil Nadu.

“NHAI has opened the Bid on May 9, 2018, entails the four-laning of the Sattanathapuram-Nagapattinam section of NH-45A (New NH-332) in Tamil Nadu under NHDP Phase-W on Hybrid Annuity Mode. The consortium led by the Company has emerged as the lowest bidder (L-I) at bid price of Rs 18.37 billion,” Welspun Enterprises said in a regulatory filing.

The Company said it has not received any formal communication (“Letter of Award”) from NHAI in this regard. The Company will make appropriate disclosures pursuant to the aforesaid regulations and the code on receipt of confirmation/information/award from NHAI, it added.

At 02:06 pm; the stock was up 12% at Rs 172, as compared to 0.02% decline in the S&P BSE Sensex. The trading volumes on the counter jumped multiple-fold with a combined 3.69 million shares changed hands on the BSE and NSE so far.