Shares of GR Infraprojects jumped more than 8 per cent during the early trading session on Thursday after the company emerged as the lowest bidder (L-1 bidder) for a couple of orders exceeding Rs 4,500 crore in two states of India. The company disclosed the same via two separate exchange filings.
“GR Infraprojects has emerged as L‐1 bidder for ‘six laning of Surat-Nashik-Ahmednagar-Solapur-MH/KNT border greenfield stretch in the State of Maharashtra to be executed on hybrid annuity mode under Bharatmala Pariyojana,” the company said in a regulatory filing.
The total cost of the project is Rs 872.17 crore which is under the hybrid annuity model (HAM) with a completion period of 730 from the date of appointment. The operation period is 15 years from the date of commercial operation, the company said in the filing.
In the other project, M/s Dibang Power (Lot 4) Consortium, which is a joint venture (JV) between GR Infra and Patel Engineering has emerged as L‐1 bidder. GR Infra holds 50 per cent stake in the JV, the regulatory filing mentioned. The order worth Rs 3,617.12 crore needs to be completed within 86 months, it said further.
“The order includes construction of Civil Works for LOT‐4, comprising head race tunnels including intake, pressure shafts, penstocks, power house and transformer Cavern, tailrace tunnels, pothead yard, adits and more for Dibang Multipurpose Project 2880 MW (12×240 MW), Arunachal Pradesh, India,” the other regulatory filing added.
The scrip had settled at Rs 968.95 on Wednesday. The stock has been trading lower in the near term.
GR Infra’s shares have dropped about 30 per cent in the last one year, whereas the counter is down about 20 per cent in the last six months. The stock has posted double-digit cuts in the year 2023 so far. Interestingly, the stock is down 40 per cent from its 52-week at Rs 1,624.40 in April 2022.
Udaipur-based GR Infraprojects was listed in July 2021 when the company raised a little more than Rs 963 crore via its initial public offering by selling its shares at Rs 837 apiece. However, the stock was listed at a robust premium back then but has been on a downward trajectory in recent times.
GR Infraprojects is an integrated road engineering, procurement, and construction company with experience in designing and construction activities and road/highway projects. It mainly undertakes civil construction projects under the EPC and BOT (Build Operate Transfer) basis in the road sector.
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