The company emerged as the lowest bidder on Thursday for a couple of orders over Rs 4,500 crore in two states of India after the shares of GR Infraprojects jumped more than 8 per cent during the early trading session. The company disclosed the same via two separate exchange filings.
GR Infraprojects has emerged as a L 1 bidder for the six laning of Surat-Nashik Ahmednagar-Solapur MH KNT border greenfield stretch in the State of Maharashtra to be executed on hybrid annuity mode under Bharatmala Pariyojana, the company said in a regulatory filing.
The total cost of the project is Rs 872.17 crore, which is under the hybrid annuity model HAM with a completion period of 730 from the date of appointment. The company said in the filing that the period of operation is 15 years from the date of commercial operation.
In the other project, M s Dibang Power Lot 4 Consortium, a joint venture JV between GR Infra and Patel Engineering has emerged as a L 1 bidder. The regulatory filing states that GR Infra holds a 50 per cent stake in the JV. It said that 12 crore needs to be completed within 86 months.
The order includes the construction of civil works for LOT 4, comprising head race tunnels including intake, pressure shafts, penstocks, power house and transformer Cavern, tailrace tunnels, pothead yard, adits and more, for Dibang Multipurpose Project 2880 MW 12 x 240 MW Arunachal Pradesh, India, according to the other regulatory filing.
The scrip had settled at Rs 968.95 on Wednesday. The stock has been trading lower in the near term.
The last year, GR Infra's shares have dropped about 30 per cent, while the counter is down about 20 per cent in the last six months. The stock has had double-digit cuts in the year 2023 so far. The stock is down 40 per cent from its 52 week low of Rs 1,624. In July 2021, GR Infraprojects was listed as a company that raised a little more than 963 crore via its initial public offering by selling its shares at Rs 837 apiece. The stock was listed at a robust premium back then, but has been on a downward trajectory in recent times.
GR Infraprojects is an integrated road engineering, procurement and construction company with experience in designing and construction activities and road highway projects. It is mainly involved in civil construction projects under the EPC and BOT Build Operate Transfer basis in the road sector.
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