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HG Infra Engineering Ltd. surged as much as 8 percent to Rs 624 on the BSE in morning trade on Friday after the company announced receiving a letter of award (LOA) from the National Highways Authority of India (NHAI) for a project in Haryana.

HG Infra’s bid was Rs 997.11 crore while NHAI estimated the project cost was Rs 743.74 crore. The construction of a 34.5 km ring road is scheduled to be completed in 730 days.

HG Infra will construct a 6-lane Greenfield Karnal Ring Road starting from NH44 near Shamgarh village and ending at Karnal -Munak Road near Samalkha village under Bharatmala Pariyojana.

Earlier this month, the construction and infrastructure engineering company was declared the L1 bidder by the NHAI project in Haryana.

In November, HG Infra also bagged a major project from Adani Road Transport Ltd. The project cost is Rs 4,970.99 crore and envisages execution of a 151.70 km expressway.

As part of the project, HG Infra has taken up the execution of civil works on a 6-lane expressway from Nagla Barah village to Ubariya Khurd village in Uttar Pradesh. The project is being executed on a DBFOT (Toll) basis under PPP mode. The 6-lane project is expandable to an 8-lane Greenfield ‘Ganga Expressway’.

HG Infra’s total revenue for the first half of the current financial year was Rs 1,817.74 crore, an increase of 9.05 percent y-o-y as compared to Rs 1,666.81 crore in the year-ago period. Profit after tax (PAT) stood at Rs 162.3 crore as compared to Rs 158.8 crore during the same period last year.

The HG Infra Engineering Ltd. stock is trading 6 percent higher at Rs 610.

(Edited by : Rukmani Krishna)

First Published:Dec 30, 2022 1:02 PM IST