HG Infra Engineering wins Rs 1,582 crore order from NHAI; key details

Shares of HG Infra Engineering are likely to be in focus on Monday, March 2, following an order win from the National Highways Authority of India (NHAI). 

After market hours on Friday, the infrastructure major informed exchanges that it has received a letter of award (LOA) from NHAI for the construction of the new six-lane access-controlled capital region ring road package-III.

This specific highway stretch covers a length of 40.33 km. It will connect Gobindpur on NH-55 to Tangi near the Bandola Toll Plaza on NH-16 in the State of Odisha, according to the exchange filing details.

HG Infra is locked into the deal with a bid project cost of Rs 1,582.11 crore, excluding GST. This winning bid came in below the official NHAI estimated project cost of Rs 1,827.33 crore.

Meanwhile, on Friday, HG Infra Engineering shares declined 2.80% to settle at Rs 541.85 on the BSE, slipping from the previous close of Rs 557.45 apiece. The counter is currently down 57% from its 52-week high of Rs 1,272.10 apiece.

The road network will be developed under the hybrid annuity mode (HAM), with a construction period of 910 days, the exchange filing said.