Sadbhav Infrastructure Projects rose 7.35% to Rs 103.75 at 10:49 IST on BSE after the company said it has been declared lowest bidder for a road project by National Highway Authority of India on 22 March 2017.
The announcement was made after market hours yesterday, 22 March 2017.Meanwhile, the S&P BSE Sensex was up 124 points, or 0.43% to 29,291.68.
On the BSE, 41,000 shares were traded in the counter so far, compared with average daily volumes of 5,516 shares in the past one quarter. The stock had hit a high of Rs 108.35 and a low of Rs 102.30 so far during the day. The stock hit a record high of Rs 120.40 yesterday, 22 September 2016. The stock hit a 52-week low of Rs 81.05 on 9 November 2016.
The stock had outperformed the market over the past one month till 22 March 2017, 2.60% compared with 1.41% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, 3.65% as against Sensex's 12.27% rise.
The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.
Sadbhav Infrastructure Projects said it has been declared lowest bidder for a hybrid annuity model (HAM) project of 4-Laning of Waranga to Mahagaon (Pkg-I) section of National Highway (NH)-361 in the State of Maharashtra under NHDP Phase-IV. The project cost is Rs 1071 crore and construction period is 910 days from appointment date. As per the RFP documents, Letter of Award (LoA) shall be provided by NHAI within 60 days from the bid due date (February 15, 2017).
On a consolidated basis, Sadbhav Infrastructure Projects reported net loss of Rs 66.35 crore in Q3 December 2016 as against net loss of Rs 139.51 crore in Q3 December 2015. Net sales declined 35.96% to Rs 322.14 crore in in Q3 December 2016 over Q3 December 2015.
Sadbhav Infrastructure Project is into development, operation and maintenance of road infrastructure assets. It undertakes turnkey contractual works and other than civil construction of the projects.
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