HCC shares zooms 15% as JV bags ₹2,470-cr order from Tata Power

HCC and Tata Projects Limited in a 50:50 Joint Venture have been awarded a ₹2,470 crore contract by Tata Power Company Limited

Hindustan Construction Company (HCC) shares zoomed 14.9 per cent in trade on BSE, logging an intraday high at ₹28.27 per share. The stock was in demand after the company with its joint venture with Tata Projects bagged a ₹2,470 crore order from Tata Power. 

 

Around 11:47 AM, HCC share price was up 11.1 per cent at ₹27.33 per share on BSE. In comparison, the BSE Sensex was up 0.62 per cent at 76,822.13. The market capitalisation of the company stood at ₹4,981.47 crore. The 52-week high of the stock was at ₹949.85 per share and the 52-week low was at ₹433.25 per share. 

 

 

According to the filing, HCC and Tata Projects Limited in a 50:50 Joint Venture have been awarded a Rs 2,470 crore contract by Tata Power Company Limited for the construction of Bhivpuri off-stream open loop pumped storage project (PSP) at Karjat, Maharashtra.   ALSO READ | Stock Market LIVE: Sensex 550 pts higher at 76,900; Nifty at 23,350; Pharma, Auto, Health up

 

"Hindustan Construction Company Limited (HCC) and Tata Projects Limited (TPL) in a 50:50 Joint Venture have been awarded a ₹2,470 crore contract by Tata Power Company Limited for the construction of Bhivpuri Off-Stream OpenLoop Pumped Storage Project (PSP) 1000 MW (2x333 MW + 2x167 MW) located at Karjat, Maharashtra," the filing read. 

 

The scope of work includes civil and H&M components of the project i.e. coffer dam, intake structure including gates and screen at the existing upper reservoir of Thokerwadi, Head Race Tunnels, Penstock, Surge Shaft, Pressure Shaft, Powerhouse, Tail Race Tunnel, Lower Intake Structures including gate and screens, a new lower reservoir with GFRD Dam, adits, roads & drains, various BOP foundation and building structures. 

 

The scope will also include other appurtenant works required for completion of the project consisting of infrastructure works along with review and interface of electro-mechanical works.   ALSO READ | Signature Global shares zoom 8% on acquiring 8.38-acre land in Gurugram

 

HCC has served the nation in the development of nearly 26 per cent of installed hydropower capacity and is currently executing five hydroelectric power projects, including the 1000 MW Tehri Pumped Storage System in Uttarakhand. This latest win by HCC further cements its position as a leading partner in the development of hydropower projects for the country. 

 

HCC is a business group developing and building responsible infrastructure through next practices. the company has executed a majority of India's landmark infrastructure projects, having constructed 26 per cent of India's Hydro Power generation and 60 [per cent of India's Nuclear Power generation capacities.

 

In the past one year, HCC shares have lost 25 per cent against Sensex's rise of 5 per cent.