GR Infraprojects up 3% after bagging 2 projects in Maharashtra

NEW DELHI: Shares of GR Infraprojects climbed 2.6 per cent in early trade Tuesday as the firm bagged two projects aggregating to Rs 1,744 crore in Maharashtra. The projects will be operated for 15 years from the date of commercial operations.

GR Infraprojects’ scrip rose to a high of Rs 1,488.95 as against Rs 1,451.15 at previous close on the National Stock Exchange.

The company, which recently listed on bourses, has emerged as L-1 bidder for two projects – the four laning of an existing 2-lane stretch from Govindpur to Rajura in Maharashtra, and another four laning of existing 2-lane stretch from Bamni to MH/TG Border in Maharashta in hybrid annuity mode under commercial operation.

Shares of GR Infraprojects had gained more than a per cent on Monday as the company also emerged as L -1 (lowest) bidder for a road project in Rajasthan worth Rs 1,368 crore. The tender for the project was floated by National Highways Authority of India.

In October-December, GR Infraprojects reported a consolidated net profit of Rs 146.44 crore, registering a decline of 65.4 per cent from a year ago as net sales fell 20 per cent to Rs 1,979.70 crore.

The company, which is an integrated engineering, procurement and construction firm, has recently diversified its operations and made a foray into the railway sector, reports said.