 "Afcons Infra hits all time high after receiving LoA from MP Metro Rail")
Afcons Infrastructure shares advanced 7.9 per cent in Monday's trade and hit an all time high of Rs 564.4 per share on BSE. The demand for stock came after the company received a Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail for the construction Package BH-05 of the Bhopal Metro Rail Project.
Around 10:05 AM, Afcons share price was up 5.54 per cent at Rs 551.6 per share on BSE. In comparison, the BSE Sensex was down 0.22 per cent at 81,952.07. The market capitalisation of the company stood at Rs 20,292.52 crore. The 52-week high of the stock was at Rs 564.4 per share and the 52-week low was at Rs 419.85 per share.
"The company being declared the Lowest Bidder (L1) for the construction Package BH-05 of Bhopal Metro Rail Project and in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Company has today received Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail Co. Ltd formally confirming our selection and the award of the said Project to the company," the filing read.
The length of the Bhopal metro line is 12.915 km. The project costs Rs 1,006.74 crore and has to be completed within 36 months.
Earlier, Afcons had completed the longest tunnelling drive for DMRC in Delhi Metro Phase-4. The DC-07 package included three stations, 11.26 km of tunnelling, a 223-meter ramp, and a 119-meter cut-and-cover section.
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Afcons Infrastructure, established in 1959 and headquartered in Mumbai, is a prominent Indian multinational construction and engineering company. As a subsidiary of the Shapoorji Pallonji Group since 2000, Afcons specializes in infrastructure EPC (Engineering, Procurement, and Construction) projects, including bridges, flyovers, metros, railway lines, tunnels, highways, ports, marine works, and oil and gas structures.
The company has been instrumental in significant projects such as the Mumbai–Nagpur Expressway and the Chenab Rail Bridge.
Afcons is recognized for its innovative practices, being the first infrastructure company globally to win the Most Innovative Knowledge Enterprise (MIKE) Award at the Global, Asia Pacific, and India levels.