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HG Infra Shares Jump 5% After Securing ₹716 Crore Central
Last Updated: 13th September 2024 - 03:17 pm
HG Infra Engineering's stock climbed by 5% in early trading on September 13, following news of a major contract win for a Central Railway project in Maharashtra. The project, valued at ₹716 crore, involves constructing a new broad gauge line between Dhule (Borvihir) and Nardana, spanning approximately 49.45 km. The construction, set to follow the engineering, procurement, and construction (EPC) model, has a target completion timeline of 30 months.
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By 10:30 AM, HG Infra’s shares were trading at ₹1,574 on the NSE. Since the beginning of 2024, the stock has delivered an impressive return of nearly 85%.
In a regulatory update, HG Infra mentioned, "We wish to inform you that HG Infra Engineering Limited has received a letter from the Central Railway regarding the appointed date for the project." The appointed date has been confirmed as September 4, 2024.
The project, part of the Central Railway, requires HG Infra to complete the 49.45 km broad gauge line under the EPC model, within 30 months.
Earlier this week, HG Infra landed another major contract worth ₹780 crore from the Ministry of Road Transport & Highways, focusing on upgrading a 10.63 km stretch of National Highway 47 (NH-47) in Gujarat. This project, set to be executed under the hybrid annuity model (HAM), includes the construction of an elevated corridor between the Narol and Sarkhej junctions, with a completion timeline of 2.5 years.
HG Infra has consistently secured significant contracts, keeping its momentum going. In August, it was the lowest bidder for another road upgrade project in Gujarat, estimated by the Ministry of Road Transport at ₹883.24 crore, with HG Infra’s bid coming in at ₹781.11 crore.
Operating in the engineering, procurement, and construction (EPC) space, HG Infra handles large-scale projects including roads, bridges, flyovers, and more.
Financially, the company has shown strong growth. In Q1FY25, its revenue climbed 13% year-on-year to ₹1,528 crore, up from ₹1,351 crore in the same period last year. Net profit also saw an 8% increase, rising to ₹162.6 crore from ₹150.4 crore in Q1FY24.
HG Infra currently holds a market capitalization of ₹10,131.50 crore and is categorized as a SmallCap company on the Bombay Stock Exchange (BSE). The stock's 52-week high is ₹1,880, while its 52-week low stands at ₹806.
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