Kridhan Infra surged 7.08% to Rs 77.90 at 11:45 IST on BSE after the company announced that its associate VNC has been awarded a new project worth Rs 222.6 crore.
The announcement was made after market hours yesterday, 17 July 2018.Meanwhile, the S&P BSE Sensex was up 106.91 points, or 0.29% to 36,637.34
On the BSE, 86,000 shares were traded in the counter so far compared with average daily volumes of 27,000 shares in the past two weeks. The stock had hit a high of Rs 82.90 and a low of Rs 75.20 so far during the day. The stock hit a record high of Rs 142 on 5 January 2018. The stock hit a 52-week low of Rs 66 on 5 July 2018.
Kridhan Infra announced that its associate Vijay Nirman Company (VNC) has been awarded a new project worth Rs 222.6 crore for rehabilitation and upgradation of the NH 167 in a joint venture in which it holds 51%. Kridhan Infra's proforma order book after consolidation of VNC in India and Swee Hong in Singapore, stands at over Rs 3500 crore, as on 31 March 2018.
Kridhan Infra currently owns approximately 41% stake in VNC and hence, VNC operates as an associate company. VNC generated revenues of approximately Rs 900 crore in FY18.
On a consolidated basis, net profit of Kridhan Infra declined 85.33% to Rs 3.39 crore on 2.85% decline in net sales to Rs 177.16 crore in Q4 March 2018 over Q4 March 2017.
Kridhan Infra is one of the pioneers in introducing the concept of ready-to-use steel for the construction industry in India.
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