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Sadbhav Engg spurts on securing LoA from GMRC

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Sadbhav Engineering rose 2.74% to Rs 63.75 after the construction firm said its joint venture received a letter of acceptance (LOA) from Gujarat Metro Rail Corporation (GMRC) for a metro rail project worth Rs 779.73 crore.

The order is for construction of 11.6 km elevated viaduct from Kadarsha Ni Nal to Dream City Dead End Including Ramp for Depot entry near Dream City and 10 stations (Excl. E&M, architectural finishing and roofing) for Surat Metro Rail Project Phase-1, Package-CS1. Construction period of metro rail project will be 30 months from date of issue of letter of acceptance, i.e. 8 January 2021.

The order is in the name of Sadbhav Engineering (SEL)- S.P. Singla Constructions (SPSCPL) joint venture where SEL holds 74% stake.

SEL reported a consolidated net loss of Rs 60.41 crore in Q2 FY21 as against net loss of Rs 39.89 crore in Q2 FY20. Net sales during the quarter dropped 42.4% year-on-year (Y-o-Y) to Rs 540.72 crore.

SEL 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).

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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: Mon, January 11 2021. 11:26 IST