Ceigall India up 5% on emerging lowest bidder for Bhubaneswar Metro project

Ceigall India shares in focus: Shares of infrastructure construction company Ceigall India rallied as much as 5.25 per cent to hit an intraday high of Rs 392.30 per share on Friday, August 16, 2024.

The rise in the share price came after the company announced that it has secured a letter of acceptance (LoA) after emerging as the lowest bidder for Bhubaneswar Metro project from Delhi Metro Rail Corporation Limited. 

The cost of the project is Rs 899 crore, the company said in a statement. 

In an exchange filing, Ceigall India said, “We are pleased to inform you that Ceigall India Limited has received the Letter of Acceptance dated August 14, 2024 for the Bhubaneswar Metro project from Delhi Metro Rail Corporation Limited.”

The company will be responsible for part design and construction of elevated viaduct and six elevated stations viz Nandan Vihar, Raghunathpur, NandanKanan Zoological Park, Barang Station, Phulapokhari, Trisulia Square, (excluding architectural finishing) from chinage 15095.240 M to 26052.770 M and including ramp for depot entry of Bhubaneswar Metro Phase-I MRTS. 

The order is required to be completed in 36 months from August 20, 2024, Ceigall India added.

Last week, Ceigall India Limited emerged as H-1 bidder for development of Kanpur Central Bus Terminal and L1 bidder for Bhubaneswar Metro Project - Phase I aggregating to Rs 1,042 crores for both the projects

Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialised structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.

By July 2024, the company had completed over 34 road and highway projects. These projects include 16 EPC, one HAM project, five O&M projects, and 12 Item Rate Projects. The company's order book as of June 30, 2024, and for the fiscal years 2024, 2023, and 2022 were Rs 9,470.84 crore, Rs 9,225.77 crore, Rs 10,809.04 crore, and Rs 6,346.13 crore, respectively.

At 12:55 PM, shares of the company were trading 5.54 per cent higher at Rs 393.35 per share. In comparison, BSE Sensex was trading 1.20 per cent higher at 80,051.79 levels.