Valecha Engg zooms 10% on toll project announcement

Valecha Engineering has zoomed 17% to Rs 67.20 after the company said that it will begin commercial operation for its first built-operate-transfer (BOT) road toll project eleven months before schedule.

“The Rs 281 crore project was accomplished within a record time of 13 months as against 24 months schedule from the appointed date October 28, 2010,” the construction and engineering company said in a filing to the stock exchanges.

The project named Valecha LM Toll Pvt Ltd is a four-lane green field highway of 34.3 Kms connecting SH-31, crossing NH-59 and meeting NH-3 for Madhya Pradesh Road Development Corporation (MPRDC) concession period of 25 years, it added.

 

The stock opened at Rs 59.20 and hit a high of Rs 68.80 post the announcement on the Bombay Stock Exchange. A combined 337,047 shares have changed hands on the counter so far against an average sub-50,000 shares traded daily in the past two weeks.