Shares of HG Infra Engineering rose 2 percent in the early trade on March 23 after the company was declared as the lowest bidder (L-1 bidder) by National Highways Authority of India (NHAI) for a project in Jharkhand.
The road project cost is Rs 764.01 crore with the construction period of 730 days, said HG Infra Engineering in a regulatory filing.
The project included construction of 6 lane greenfield Varanasi-Ranchi-Kolkata highway under Bharatmala Pariyojana in the state of Jharkhand on Hybrid Annuity Model (HAM) (Package 13).
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Earlier yesterday, the company has received the certificate of incorporation from the Registrar of Companies (RoC) with respect to incorporation of wholly owned subsidiary company namely "H.G. Kamal-Ringroad Private Limited" as special purpose vehicle to undertake construction of 6-Lane greenfield Kamal Ring Road and terminating at Kamal -Munak Road near Village Samalakha under Bharatmala Pariyojana in the state of Haryana on HAM.
On March 21, the company has been declared as L-I bidder by DYCE-C-CNB-ENGINEERING/North Central Railway for the project of redevelopment of Kanpur Central Railway Station at Kanpur on engineering, procurement and construction (EPC) mode in the state of Uttar Pradesh with a project cost of Rs 655 crore and construction period of 36 months.
At 09:22 am HG Infra Engineering Ltd. was quoting at Rs 784.70, up Rs 11.10, or 1.43 percent on the BSE.