GR Infraprojects shares gain on winning Rs 1,457.2-crore highway contract

GR Infraprojects shares edged up 1 percent in the early trade on August 30 after the company's two arms executed a concession agreement with the National Highways Authority of India (NHAI).

At 9:31am, GR Infraprojects was quoting at Rs 1,309.10, up Rs 23.25, or 1.81 percent, on the BSE.

GR Belgaum Raichur (PACKAGE‐5) Highway Private Limited and GR Belgaum Raichur (PACKAGE‐6) Highway Private Limited, wholly owned subsidiaries of the company, have executed the concession agreement for projects worth Rs 1,457.2 crore with the NHAI.

The project included four-laning with paved shoulders in the Belgaum – Hungund – Raichur Section of NH‐748A (Ext. SH‐20) in Karnataka on a hybrid annuity mode under NH(O) (Package‐5). The bid project cost is Rs 716.47 crore and to be completed in 730 days from the appointed date.

The second project relates to the construction of four lanes with paved shoulders in the Belgaum – Hungund – Raichur Section of NH‐748A (Ext. SH‐20) on hybrid annuity mode (Package‐6) under NH (O). The bid project cost is Rs 740.77 crore and to be completed in 730 days from appointed date.

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On August 25, the company had received the letter of acceptance worth Rs 3637.12 crore for a project construction of Civil Works for LOT‐4: head race tunnel, including intake, pressure shafts, penstocks, power house and transformer cavern, tail race tunnel, pothead yard, Adits for Dibang Multipurpose project in Arunachal Pradesh.The share touched a 52-week high of Rs 1,425 and a 52-week low of Rs 930.00 on September 15, 2022 and March 28, 2023, respectively. The stock is trading 8.13 percent below its 52-week high and 40.76 percent above its 52-week low.