Rs 1,274-cr order sends Afcons Infrastructure stock 4% higher; details here

The uptick in the shares of Shapoorji Pallonji Group's flagship company, Afcons Infrastructure, was fuelled by Rs 1,274 cr order from Uttarakhand Project Development and Construction Corporation Ltd

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Afcons Infrastructure share price: Construction engineering company Afcons Infrastructure share price increased as much as 3.72 per cent to hit an intraday high of Rs 506 per share on Friday, November 22, 2024. 

 

The uptick in the shares of Shapoorji Pallonji Group's flagship company, Afcons Infrastructure, was fuelled by Rs 1,274 crore order from Uttarakhand Project Development and Construction Corporation Ltd.

 

In an exchange filing, Afcon Infrastructure said, “We are pleased to inform you that the Company has received Letter of acceptance (LoA) dated November 21, 2024 from Uttarakhand Project Development and Construction Corporation Ltd for Civil Works including HM Works for Construction of 130.6 m High Concrete Gravity Dam and Appurtenant Works across River Song of Song Dam Project in District Dehradun, Uttarakhand.”

 

Under the terms of the order, the company will be responsible for the civil works including HM works for construction of 130.6 metre high concrete gravity Dam and Appurtenant works across River Song of Song Dam project in District Dehradun, Uttarakhand.

 

The time allotted to complete the construction is 60 months, Afcons Infrastructure said in a statement. 

 

“It may be noted that the Company was declared lowest bidder for the aforementioned project on September 28, 2024. As the Company was listed on November 04, 2024, the intimation of Lowest bidder (L1) was not applicable to us,” the company revealed.

 

Weak debut on bourses 

The construction engineering major Afcons Infrastructure made a quiet debut on the bourses on November 4, 2024. On the BSE, the scrip listed at Rs 430.5, reflecting a discount of 7.01 per cent against the IPO issue price of Rs 463. Similarly, on the National Stock Exchange (NSE), Afcons Infrastructure listed at a discount of 7.99 per cent at Rs 426 against the IPO issue price.

 

About Afcons Infrastructure  

Afcons Infrastructure Limited, a part of the Shapoorji Pallonji Group, is a leading Indian construction and engineering company with a major presence in over 22 countries. 

 

Renowned for its expertise in infrastructure development, Afcons has built over 150 bridges, including complex arch structures for roads and railways. 

 

The company has also contributed extensively to India's urban transit networks, constructing more than 120 kilometres of metro systems and 32 stations. Its tunnelling capabilities are showcased in landmark projects like India’s first undersea tunnel for the Mumbai-Ahmedabad High-Speed Rail Corridor.

 

A leader in marine and LNG infrastructure, Afcons has delivered critical projects such as a jetty in Dahej, India, designed to accommodate LNG carriers. 

 

The market capitalisation of Afcons Infrastructure is Rs 18,188.79 crore. The company is currently under the BSE IPO category. 

 

At 9:35 AM, Afcons Infrastructure scrip was trading 1.23 per cent higher at Rs 493.95 per share. In comparison, BSE Sensex was trading 0.70 per cent higher at 77,693.25 levels.