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Sadbhav Engg gains on receiving LoA for road projects

Capital Market 

Sadbhav Engineering rose 2.34% to Rs 50.35 after the company said it has received letter of acceptance (LOA) from NHAI for 2 EPC road projects worth Rs 1,572.30 crore.

The scope of work includes construction of four-lane expressway from Sardar Patel ring road to Sindhrej village of Ahmedabad district from 0 km to 22 km of Ahmedabad-Dholera Greenfield Alignment (NH-751) in Gujarat under Bharatmala Pariyojana (Package-I). The contract value is Rs 690.30 crore.

The second project involves construction of four-lane expressway from Sindhrej village to Vejalka village of Ahmedabad district from 22 km to 48.520 km of NH-751 under Bharatmala Pariyojana (Package-II). The contract value is Rs 882 crore. The construction period for both the projects is 24 months.

Sadbhav Engineering is engaged in the construction and maintenance of roads and highway, and irrigation system (canal). The firm is also engaged in the site preparation for mining, including overburden removal and other development. The company's segments include EPC Contracts and BOT (Toll & Annuity).

The company reported a consolidated net loss of Rs 40.51 crore in Q2 FY21 as against net loss of Rs 15.94 crore in Q2 FY20. Net sales during the quarter declined by 42.4% YoY to Rs 540.72 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: Wed, November 18 2020. 12:53 IST