G R Infraprojects Shares Gain After Winning Project Bid
The company emerged as the lowest bidder for the project for construction of a 38.2 km section of NH-731A with paved shoulders.
Shares of G R Infraprojects Ltd. rose on Thursday after it won a construction project in Uttar Pradesh.
The company won a Rs 737.17 crore bid for the construction of a four-lane highway in Kausambi, Uttar Pradesh.
The company emerged as the lowest bidder for the project for the construction of a 38.2 km section of NH-731A with paved shoulders, according to an exchange filing.
The project is set to be completed within 730 days, with an operation period of 15 years from the commercial operation date.
Shares of G R Infraprojects gained 2.75% to Rs 1,017.4 apiece, compared to a 0.2% gain in the benchmark NSE Nifty 50 as of 10:02 a.m. on Thursday.
The stock rose as much as 3.62% intraday, with a total traded volume of 2.4 times the 30-day average.
Of the 14 analysts tracking the stock, 12 maintain a 'buy' rating, one suggests a 'hold,' and one suggests a 'sell,' according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 39.1%.
