ARSS Infra rises over 9% in two days after order win

ARSS Infrastructure Projects hit an upper circuit limit of 5% at Rs 21.60, extending yesterday's 4.04% rise triggered by the company bagging two construction orders worth to Rs 220.65 crore.

Shares of the construction company have risen 9.09% in two trading sessions to its current market price of Rs 21.60 from a recent closing low of Rs 19.80 on 9 October 2019.

ARSS Infrastructure Projects announced during market hours yesterday, 10 October 2019, that it received two orders amounting to Rs 220.65 crore for construction of roadbed along with some major and minor bridges in Uttar Pradesh.

The first order is for construction of roadbed, major and minor bridges and other doubling work from Mau to Azamgarh in Uttar Pradesh in connection with the Mau-Shahganj 2nd line project for an amount of Rs 97.25 crore.

The second order includes the construction works for the second part of the Mau-Shahganj project, which is from Azamgarh to Shahganj amounting to Rs 123.40 crore; hence, cumulatively the orders are worth Rs 220.65 crore.

The order was awarded by Rail Vikas Nigam in favor of ARSS Infrastructure's joint venture named 'ARSS-SCPL (JV)'.

Meanwhile, the S&P BSE Sensex was up 148 points or 0.39% to 38028.15.

On the BSE, 12,558 shares were traded in the counter so far compared with average daily volumes of 3,024 shares in the past two weeks. The stock hit a high of Rs 21.6 and a low of Rs 21.4 so far during the day.

The stock hit a 52-week high of Rs 63 on 22 Apr 2019. The stock hit a 52-week low of Rs 19 on 10 Oct 2019.

The construction company reported a net loss of 0.51 crore in Q1 June 2019 over a net loss of Rs 10.70 crore in Q1 June 2018. Net sales fell 25.3% to Rs 101.08 crore in Q1 June 2019 over Q1 June 2018.

ARSS Infrastructure Projects is one of the fastest growing construction companies of India, focusing on infrastructure construction segment including highways, buildings and railways.

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