Shares of Hindustan Construction Company (HCC) rose and Larsen & Toubro (L&T) jumped after media reported that Supreme Court (SC) allowed work to resume on the coastal road project.
L&T rose 1.32% to Rs 1320.60. HCC rose 5.06% to Rs 11.22.According to reports, SC stayed the order of the Bombay High Court which quashed the Coastal Regulation Zone (CRZ) clearances granted for the southern part of the Rs 12,000 Crore coastal road project.
The SC will reportedly hear appeals against the Bombay High Court judgement in April 2020.
The Municipal Corporation of Greater Mumbai is developing the Mumbai Coastal Road Project. The road seeks to reduce congestion on the Western Express Highway by improving connectivity between Marine Drive in south Mumbai and Borivali in north Mumbai.
L&T was awarded Rs 7,500 worth of contracts while HCC, in a joint venture with Hyundai Development Corporation, was executing Rs 2,126 crore of contracts.
The project has faced resistance from citizen groups, environmental activists, and the fishing community in Worli Koliwada on the potential damage it can cause to the environment.
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