GR Infraprojects shares gain 5% to hit 52-week high on securing projects worth ₹4,346 crore

The company informed the stock exchanges that it has been selected as the lowest bidder (L-1 bidder) for two tenders from the Maharashtra State Road Development Corporation Limited. The projects will be completed on an engineering, procurement and construction (EPC) basis.

One of the contracts, worth ₹1,997.07 crore, involves the construction of Access Controlled Pune Ring Road in the Pune District Package in Maharashtra on EPC mode. The length of this construction area would be 9.341 km.

The completion period for the aforementioned project is set as 36 months from the date of appointment.

The other contract awarded to GR Infraprojects by the Maharashtra State Road Development Corporation is for the construction of Nagpur to Chandrapur Access Controlled Super Communication Expressway in the state on an EPC mode. The length of the Expressway is 33.3 km.

The construction firm said that the contract value of the road construction project is worth ₹2,349.07 crore, with the completion period fixed at 30 months from the date of appointment. GR Infraprojects’ shares gained as much as 5.05% to an intraday high of ₹1,649.85 apiece on the NSE. However, the stock pared some of early gains to close 2.90% higher at ₹1,615 apiece on NSE.

The construction firm’s stock has gained 22% in the last one month, while jumping over 30% in the past three months. GR Infra shares have surged 45% so far this year, while giving returns of more than 50% to its shareholders in the last one year.