HG Infra Engg shares zoom 5% on bagging LoA from Ministry of Road Transport
Source: Business Standard
HG Infra Engineering share price rose as much as 5.50 per cent at Rs 1,542 per share on the BSE in Tuesday’s intraday trade. This came after the company bagged a letter of award from the Ministry of Road Transport & Highways (MoRTH) for a road project.
The HG Infra Engineering share price has appreciated by 68.09 per cent in the last six months, while rallying 80.21 per cent year to date, BSE data shows.
The Rs 781.11 crore road project involves upgrading the existing 6-lane road, including an elevated corridor, from km 0/00 to km 10/170 of NH 47 (Narol Junction to Sarkhej Junction) in Gujarat. This project will be executed on a hybrid annuity mode.
The company will be required to complete the project in 2.5 years or 29 months, the company said in a statement. Earlier on August 20, the company had announced emerging as the lowest bidder (L-1) for this project.
HG Infra Engineering is engaged in engineering, procurement and construction (EPC) business including maintenance of roads, bridges, flyovers and other infrastructure contract works.
For the April-June quarter of financial year 2024-25 (Q1FY25), HG Infra’s revenue or topline grew 13 per cent annually to Rs 1,528 crore, from Rs 1,351 crore in the same quarter a year ago (Q1FY24).
The company’s net profit jumped over 8 per cent Y-o-Y to Rs 162.6 crore in the June quarter of FY25, from Rs 150.4 crore in the same quarter last year (Q1FY24).
At 09:27 AM; the share price of the company was trading 4.75 per cent higher at Rs 1530.85 a piece. By comparison, the BSE Sensex was trading 0.22 per cent higher at 81,741 levels.
The company has a total market capitalisation of Rs 9,976.72 crore. Its shares are trading at a price to earnings multiple of 16.81 times with an earning per share of Rs 86.95.
First Published: Sep 10 2024 | 9:32 AM IST
