Welspun Enterprises rose 2.83% to Rs 140 at 15:25 IST on BSE after the company said it has secured an order worth Rs 1161 crore order from National Highways Authority of India.
The announcement was made after market hours yesterday, 31 August 2017.Meanwhile, the S&P BSE Sensex was up 161.74 points, or 0.51% to 31,892.23. The S&P BSE Small-Cap index was up 131.41 points, or 0.82% to 16,123.04
On the BSE, 1.27 lakh shares were traded in the counter so far, compared with average daily volumes of 3.67 lakh shares in the past one quarter. The stock had hit a high of Rs 143.50 and a low of Rs 139 so far during the day. The stock hit a 52-week high of Rs 149.50 on 24 July 2017. The stock hit a 52-week low of Rs 54 on 22 November 2016.
The stock had outperformed the market over the past one month till 31 August 2017, rising 2.37% compared with 2.30% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 45.38% as against Sensex's 1.46% rise. The scrip had also outperformed the market in past one year, surging 138.23% as against Sensex's 11.63% rise.
The small-cap company has equity capital of Rs 147.53 crore. Face value per share is Rs 10.
Welspun Enterprises said that the company has received Letter of Award from National Highways Authority of India (NHAI) for the Six-Laning of Aunta-Simaria (Ganga Bridge with Approach Roads) section of NH-31 in Bihar on Hybrid Annuity Model (HAM). The company will develop the project stretch of 8.15 km at a bid project cost of Rs 1161 crore, and shall receive Rs 9.90 crore / year (adjusted for inflation) as O&M payments along with the Annuity and Interest thereon from NHAI for a period of 15 years post-construction.
With the award of this project, the company has built a portfolio of four HAM projects totaling to Rs 4129 crore, Welspun Enterprises said. The construction of the first HAM project, namely Delhi-Meerut Expressway (Package I), is in full swing and has achieved physical progress of approximately 60% within nine months of commencement, the company said.
Net profit of Welspun Enterprises spurted 631.41% to Rs 11.41 crore on 538.37% surge in net sales to Rs 214.43 crore in Q1 June 2017 over Q1 June 2016.
Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in oil & gas exploration.
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