Sadbhav Infrastructure Project gains after being declared lowest bidder for two road projects

Sadbhav Infrastructure Project rose 4.12% to Rs 91 at 14:40 IST on BSE after the company said that it has been declared L1 or the lowest bidder for the two projects by National Highways Authority of India (NHAI).

The announcement was made during market hours today, 28 March 2016.

Meanwhile, the BSE Sensex was down 289.04 points, or 1.14%, to 25,041.21.

On BSE, so far 4,882 shares were traded in the counter, compared with an average volume of 89,324 shares in the past one quarter. The stock hit a high of Rs 94 and a low of Rs 85.25 so far during the day. The stock hit a record high of Rs 112.25 on 16 September 2015, the day when it made its debut on the bourses. The stock hit a record low of Rs 66.30 on 15 February 2016. The stock had outperformed the market over the past one month till 23 March 2016, rising 7.57% compared with the Sensex's 8.23% rise. The scrip had, however, underperformed the market in past one quarter, dropping 9.9% as against Sensex's 1.98% fall.

The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.

The first project for which the company was declared a lowest bidder is a four laning project of Rampur - Kathgodam section of NH-87 in the State of Uttar Pradesh under NHDP-III on hybrid annuity mode having construction period of 730 days and operation period of 15 years from the commercial operation date. The second project is four laning of Rampur - Kathgodam section of NH-87 in the State of Uttarakhand under NHDP-III on hybrid annuity mode having construction period of 730 days and operation period of 15 years from the commercial operation date. The letter of award shall be provided by NHAI within 60 days from bid due date of 15 March 2016.

Sadbhav Infrastructure Project (SIPL) reported net loss of Rs 21.43 crore on total income of Rs 22.26 crore in Q3 December 2015.

Promoted by Sadbhav Engineering (SEL) and Vishnubhai Patel, SIPL was established to undertake roads, highways and related projects on a build-operate-transfer (BOT) basis for the Sadbhav group. The company's specialization is in development, operation and maintenance of highways, roads and related projects.

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