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Shares of H.G. Infra Engineering gained 2.78% to Rs 655.15 after the EPC company received Letter of Award (LOA) from National Highways Authority of India (NHAI) for construction of two four lane access controlled new Greenfield Highway in the state of Telangana.
The first project is for construction of Greenfield highway has a length of 33.6 kilometres starting from from Thallampadu village to Somavaram village. The company put a bid cost of Rs 772.11 crore.
The second project also for construction of highway has a length of 29.5 kilometres starting from Somavaram village to Chintagudem village in Telangana. The company put a bid cost of Rs 637.11 crore.
Both the projects are under Inter Corridor Route under Bharatmala Pariyojana, on Hybrid Annuity Mode (HAM) in the state of Telangana with a completion period of 730 days.
H G Infra Engineering is an infrastructure construction, development and management company. The main business includes providing engineering-procurement-and-construction (EPC) services on a fixed-sum turnkey basis and undertaking civil construction and related infrastructure projects.
The company's consolidated net profit surged to Rs 101.02 crore in Q1 FY22 from Rs 19.93 crore in Q1 FY21. Net sales jumped to Rs 941.40 crore in the quarter ended June 2021 as against Rs 311.87 crore during the previous quarter ended June 2020.
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