Sadbhav Infra declines over 11% in three days

Sadbhav Infrastructure Project fell 3.49% to Rs 20.75, extending losses to third consecutive session.

The stock has decline 11.51% in three days from its recent closing high of Rs 23.45 on 7 December 2020.

During market hours yesterday, the construction company said that the National Highways Authority of India (NHAI) had issued a provisional completion certificate for 31.40 kms length (out of 42.791 km) with effect from 31 October 2019 for Sadbhav Rudrapur Highway (SRHPL), a wholly owned subsidiary of the company.

"Consequently, SRHPL is entitled to receive annuity payments w.e.f. 31 October 2019 from NHAI, the company said in a regulatory filing.

The provisional completion certificate is for a project that involves four-laning of about 43 kms of Rampur-Kathgodam section of National Highway 87 (NH-87) in Uttar Pradesh. The project was awarded to the company under the National Highways Development Programme-III (NHDP-III) on hybrid annuity mode.

Sadbhav Infrastructure Project is engaged in development, construction as well as operation & maintenance of infrastructure projects and related consulting and advisory services.

The company reported a consolidated net loss of Rs 65.70 crore in Q2 FY21 as against a net loss of Rs 66.92 crore in Q2 FY20. Net sales during the quarter declined by 52.1% YoY to Rs 283.05 crore.

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