MBL Infrastructure surged 6.22% to Rs 21.35 after the company said it has received arbitration award for its residential project in Delhi.
The Learned Arbitral Tribunal passed an award in favour of the company against Public Works Department, Delhi, for Rs 9.29 crore plus interest at the rate of 10% per year payable from 22 November 2022, if not paid within 90 days.The balance work of the project will be completed through the company on payment basis and further the expenditure of rehabilitation and repairs of existing works will be borne by the parties in the ratio of 2:1.
MBL Infrastructure provides integrated engineering, procurement and construction (EPC) services for civil construction and infrastructure sector projects.
On a consolidated basis, MBL Infrastructure reported net loss of Rs 17.64 crore in Q2 September 2022 as against net profit of Rs 12.86 crore in Q2 September 2021. Net sales declined 0.76% to Rs 52.49 crore in Q2 September 2022 over Q2 September 2021.
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