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Om Metals Infra spurts on emerging L1 bidder for Punjab-based project

Capital Market 

Om Metals Infraprojects hit an upper circuit of 5% at Rs 24 after the company was declared the lowest bidder in a competitive bidding for tender value of about Rs 621 crore floated by the Punjab Government.

In a BSE filing made during market hours today, the company said that the company, in a joint venture, was declared as the L1 (lowest) bidder in competitive bidding process for Shahpurkandi Power House project worth approximately Rs 621 crore. The tender is for constructing two power houses, their appurtenant works an part of hydel channel of Shahpurkandi Dam Project on EPC mode from Water Resource Department, Government of Punjab.

We are positively awaiting for Letter of Intent (LOI) from Government of Punjab on merits for this tender, the company said in a statement.

Om Metals is an EPC Company in water, irrigation and hydroelectric projects having diverse business related to engineering and mechanical components, turnkey solutions from design drawing till complete commissioning.

The company reported a consolidated net profit of Rs 0.02 crore in Q2 FY21 as compared to a net loss of Rs 3.47 crore in Q2 FY20. Net sales during the quarter declined by 5.2% YoY to Rs 39.93 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, January 08 2021. 12:56 IST