Reliance Infra gains after bagging EPC contract

Reliance Infrastructure rose 2.93% to Rs 439.25 at 12:55 IST on BSE after the company said it won an EPC contract worth Rs 441 crore from Ministry of Road Transport & Highways.

The announcement was made during trading hours today, 2 April 2018.

Meanwhile, the S&P BSE Sensex was up 168.92 points, or 0.51% to 33,137.60.

On the BSE, 1.04 lakh shares were traded in the counter so far compared with average daily volumes of 3.34 lakh shares in the past two weeks. The stock had hit a high of Rs 439.40 and a low of Rs 424.35 so far during the day. The stock hit a 52-week high of Rs 630 on 12 May 2017. The stock hit a 52-week low of Rs 390.60 on 15 November 2017.

Reliance Infrastructure has won an engineering, procurement and construction (EPC) contract for Rs 441 crore from Ministry of Road Transport and Highways (MoRTH) for the rehabilitation and upgrading of National Highway - 66 (formerly, National Highway - 17) in the Kashedi Ghat section which includes execution of three by three lane twin tunnels of total length 3.44 km. Reliance Infrastructure had bid for the project in joint venture with CAI, Ukraine, globally renowned for tunnel construction.

In addition to the twin tunnels, the contract also includes construction of highway with paved shoulders and viaducts for a length of 7.2 Km. Commissioned under National Highway Development Programme (NHDP) - IV of the Ministry, the project is to be completed in 30 months. Thereafter, Reliance JV will operate and maintain the project for 48 months.

Reliance Infrastructure said it is targeting EPC opportunities worth Rs 2 lakh crore and increase the EPC order book to Rs 50,000 crore by FY 2019.

On a consolidated basis, net profit of Reliance Infrastructure declined 19.6% to Rs 301.38 crore on 1.7% rise in net sales to Rs 5659.34 crore in Q3 December 2017 over Q3 December 2016.

Reliance Infrastructure (RInfra) is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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