Delhi-Meerut Expressway: This stock hit its lifetime high a day after inauguration
BusinessToday.In May 28, 2018
A day after PM Narendra Modi inaugurated the first phase of India's first 14-lane expressway- the Delhi-Meerut Expressway (8.716 km of Delhi section) from Nizamuddin Bridge to UP border, the stock of the expressway developer Welspun Enterprises hit its all time high in trade today.
At 12:35 pm, the stock was trading 2.32% higher at 198.20 level on BSE. Meanwhile, the stock of Welspun Group firm Welspun Enterprises hit its all-time high level of 202.85 on BSE.
The stock which opened at 195.40 rose 4.72% to hit a new high in trade today.The stock has delivered 122.22% returns during the last one year and has gained 14.09% since the beginning of this year.
The stock has given 37.46% returns during the last one month. The stock closed 2.58% higher at 198.70 on BSE.
The expressway has been built by NHAI and Welspun Group in a record time of 18 months as against the earlier expected construction period of 30 months.
Road Transport, Highways and Shipping Minister Nitin Gadkari said the expressway will reduce 27 per cent pollution and ease 41 per cent traffic jam.The total length of the project is 82 km, of which the first 27.74 km will be 14-laned, while the rest will be a six-lane expressway. The project is likely to cost Rs 4,975.17 crore.
Gadkari said the Delhi-Meerut expressway will be completed by next March and reduce the travel time between the two cities to 40 minutes.
A lot of traffic, outbound or non-destined for Delhi will be diverted, he has said, adding that at least 50,000 vehicles will be diverted.
The first phase of the Delhi-Meerut Expressway cost Rs 842 crore on building the 9-km stretch of the 14-lane highway. The total cost of the project on completion would be Rs 7,500 crore.
The expressway will have 11 flyovers/interchanges, five major and 24 minor bridges, 3 ROBs (rail over bridges), 36 vehicular and 14 pedestrian underpasses. It will also have an elevated section of 5.91 km.
Asserting that infrastructure is a key priority for his government, Prime Minister Narendra Modi said that Rs 3 lakh crore has been spent on laying a network of 28,000 km of highways. Highways, railways, airways and I-ways have been the focus of the government, he said.
Highways construction has reached 27-km a day from mere 12-km a day during the Congress regime, while last year 10 crore people undertook air journeys, he said.
Modi was addressing a public rally in Baghpat after dedicating the Eastern Peripheral Expressway (EPE) to the nation. The 135 km EPE has been built at a cost of Rs 11,000 crore in 500 days.
He said apart from Rs 5 lakh crore provision for Bharatmala for highways, a provision of Rs 14 lakh crore was made in the budget to strengthen agriculture related infrastructure.