KNR Constructions rises on bagging LoA for road project

KNR Constructions rose 0.95% to Rs 207.20 after the company received a letter of acceptance (LoA) for a road construction project in Karnataka worth Rs 1,100.88 crore.

The project involves four-laning of the Bangalore-Mangalore section, including the six-lane flyover at Kalladka town, of NH-75 on EPC basis.

The project is to be completed within a period of 24 months, the company said in a BSE filing made during market hours today.

The stock hit a high of 214.35 and a low of 204.50 so far during the day.

The scrip is currently trading 14.42% below its 52-week high of Rs 242.10 hit on 03 March 2021. It has gained 141.41% from its 52-week low of Rs 85.83 recorded on 26 March 2020.

KNR Constructions provides engineering, procurement, and construction (EPC) services, primarily for the roads and highways segment.

The company's consolidated net profit zoomed 87.99% to Rs 97.55 crore in Q3 FY21 from Rs 51.89 crore in Q3 FY20. Net sales during the quarter rose 21.69% YoY to Rs 734.71 crore.

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