KNR Constructions gains after bagging new projects

KNR Constructions rose 0.66% to Rs 283.95 at 10:18 IST on BSE after the company said it has bagged two hybrid annuity projects of Rs 2964.07 crore from National Highways Authority of India.

The announcement was made after trading hours yesterday, 26 March 2018.

Meanwhile, the S&P BSE Sensex was up 102.96 points, or or 0.31%, to 33,169.37. The S&P BSE Mid-Cap index was up 154.08 points, or 0.97%, to 16,034.81.

On the BSE, 53,000 shares were traded on the counter as against the average daily volumes of 18,000 shares in the past two weeks. The stock hit a high of Rs 300.85 and a low of Rs 283.05 so far during the day. The stock hit a record high of Rs 348.80 on 27 December 2017. The stock hit a 52-week low of Rs 177.10 on 27 March 2017.

The mid-cap company has equity capital of Rs 28.12 crore. Face value per share is Rs 2.

KNR Constructions said that the company has bagged two hybrid annuity projects with bid project cost of Rs 2964.07 crore from National Highways Authority of India (NHAI). The first order entails six laning of NH-140 from Chittor to Mallavaram in Andhra Pradesh under Bhartmala Pariyojana with a concession period of 17.5 years, including construction period of 2.5 years from the appointed date, with a bid project cost of Rs 1730.07 crore.

The second order is for four-laning of NH-161 from Ramsanpalle to Mangloor in Telangana under Bharatmala Pariyojana with a concession period of 17 years, including construction period of 2 years from the appointed date, with a bid project cost of Rs 1234 crore.

KNR Constructions' net profit jumped 114.18% to Rs 65.69 crore on 13.32% growth in net sales to Rs 433.19 crore in Q3 December 2017 over Q3 December 2016.

KNR Constructions is an infrastructure development company providing engineering, procurement and construction services.

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