Niraj Cement shares rally 10% on an order win worth ₹220.14-crore

Niraj Cement shares rose 10 per cent after it bagged a work order worth ₹220.14 crore for the construction of a two-lane road in Nagaland

Shares of Niraj Cement Structurals Ltd. rose 10 per cent on Tuesday after it bagged a work order worth ₹220.14 crore from NHIDCL for the construction of a two-lane road with paved shoulder for the Kohima Bypass in Nagaland. 

 

The civil construction company's stock rose as much as 10 per cent during the day to ₹39.12 per share, the biggest intraday rise since November 10 this year. The stock pared gains to trade 5 per cent higher at ₹37.2 apiece, compared to a 0.15 per cent advance in Nifty 50 as of 10:02 AM. 

 

Shares of the company snapped a two-day decline and currently trade at 2.3 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 48 per cent this year, compared to a 9.8 per cent advance in the benchmark Nifty 50. Niraj Cement has a total market capitalisation of ₹223.02 crore.   CATCH STOCK MARKET LIVE UPDATES TODAY

Niraj Cement order win

Niraj Cement Structurals secured a work order worth ₹220.14 crore, including GST, from the National Highways and Infrastructure Development Corporation Ltd. (NHIDCL).

 

The contract involves the construction of a two-lane road with paved shoulders on the Kohima Bypass, connecting NH-39 (New NH-02), NH-150 (New NH-02), NH-61 (New NH-29) and NH-39 (New NH-02). The project spans Design Km 21 to Design Km 32.268, covering a length of 11.268 km.

 

The work falls under the Special Accelerated Road Development Programme for the North Eastern States (SARDP-NE) and will be executed on an EPC basis. The project is to be completed within 24 months, the company said in a statement.

 

Last week, Niraj Cement received a work order for the construction of Mandvi Bypass road from km 97/200 to km 104/200 on NH-41 in Gujarat under the EPC mode of Contract from the Ministry of Road Transport and Highways (MoRTH), valued at ₹50.5 crore, including GST.

 

In April the company secured a construction contract valued at ₹115.01 crore from the NHAI. The order involves the construction of 5 Nos. of VUPs at Km 434+150, Km 452+150, Km 456+000, Km 462+670, and Km 466+270, along with 1 No. flyover at Km 442+610, including approach roads, in the Puintola to Icchapuram section of NH-16 in the state of Odisha.