Buzzing stock: HCC soars 6% on order win for two-lane bridge in Maharashtra

Shares of Hindustan Construction Company (HCC) scaled up to Rs 44.80 per share on the BSE, rising 5.98 per cent in Monday’s intraday deals. The stock price surged after the company announced it has been awarded a Rs 1,031.6 crore contract by Maharashtra State Road Development Corp. Ltd. (MSRDC). 

The contract is for the construction of a two-lane bridge across Agardanda Creek in Raigad District on Revas-Reddi Coastal Highway (MSH-04) in Maharashtra on an enginnering procurement and construction (EPC) mode. 

The total length of the bridge is 4.3 km, consisting of approaches of 45 m on the Agardanda side, 145 m on the Dig hi side, and the main Bridge of 4,120 metre. The bridge is located on the offshore side of Agardanda Jetty and Dighi Port, the company said in an exchange filing on Monday. 

“The project includes two navigation spans with horizontal clearance of 100 metre and vertical clearance of 15 metre. The Bridge proper consists of a cable-stayed superstructure for navigational spans totalling 420 m with a span configuration of 67.5 m + 142.5 m + 142.5 m + 67.5 m. Once completed, this project is poised to contribute to enhanced connectivity, reduced travel time and the region's overall economic development. This latest win by HCC is yet another contribution by the company to Maharashtra's infrastructure landscape,” the company’s filing said. 

HCC is an Indian multinational engineering and construction company, headquartered in Mumbai, Maharashtra, and founded by industrialist Seth Walchand Hirachand in 1926.

HCC share price history

HCC stock has outperformed the market year to date as it has risen 59.1 per cent, while gaining 67.7 per cent in the last one year. In comparison BSE Sensex has risen 13.4 per cent year to date and 23.7 per cent in a year. 

The company has a total market capitalisation of Rs 7,433.47 crore. Its shares are trading at a price to earnings multiple of 38.93 times at an earning per share of Rs 1.09 

At 1:57 PM, the stock price of the company advanced by 4.92 per cent at Rs 44.35 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.76 per cent to 81,999.64 level.