Here's why Tarmat shares were locked in 5% upper limit on Sept 17; details

Tarmat hits upper circuit: Shares of construction engineering company Tarmat were locked in the 5 per cent upper circuit at Rs 89.43 per share on Tuesday, September 17, 2024. 

The uptick in Tarmat shares came after the company announced that it has secured an order of Rs 139.48 crore from Maharashtra State Infrastructure Development Corporation.

In an exchange filing, Tarmat said, “This is to inform you that we have been allotted a Work in joint venture (JV) from Maharashtra State Infrastructure Development Corporation for Rs 1,39,48,00,000 (Rupees One Hundred Thirty Nine Crores Forty Eight Lakh Only).”

However, in this joint venture, Tramat’s share stands at 80 per cent, the company said.

Under the project terms, Tarmat will be responsible for constructing a concrete pavement road, as well as reconstructing and widening bridges and culverts along the route from Revdanda Bridge to Borli and Murud. The total length of this section is 29.400 km.

Tarmat Limited, founded in 1986 by Jerry Varghese, is an infrastructure company with a broad expertise in constructing highways, runways, and various infrastructure projects. 

The company's extensive portfolio includes major projects such as Bangalore International Airport Limited and Maharajpur Military Engineering Services for airports, Rajasthan and Gujarat National Highways for road construction, and World Bank-funded railway projects involving roadbed construction, bridges, track linking, signalling, electrical works, and station buildings. 

Tarmat also provides comprehensive engineering, procurement, and construction services. The company operates across multiple states, including Maharashtra, Tamil Nadu, Karnataka, Kerala, Mizoram, Gujarat, and Delhi.

The market capitalisation of Tarmat is Rs 190.61 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of Tarmat stock is Rs 152.89 per share while its 52-week low is Rs 70.80 per share.

At 10:45 AM, shares of Tarmat continued to remain locked in the 5 pe recent upper circuit at Rs 89.43 per share. In comparison, BSE Sensex was trading flat at 82,979.84 levels.