HG Infra Engineering jumps 5% as JV secures ₹1,026-crore order for solar projects

HG Infra Engineering shares rallied nearly 5% in morning trade on Tuesday, March 19, after the company announced its joint venture (JV) entity bagging an order worth ₹1,026 crore for solar power projects.

The joint venture consortium of HG Infra Engineering Ltd and Stockwell Solar Services Private Ltd has received this order from Jodhpur Vidyut Vitran Nigam Ltd, the company said in a filing to the stock exchanges.

Jodhpur Vidyut Vitran Nigam has awarded four contracts to the consortium for as many grid-connected solar power plants, with a total capacity of 203.76 MW (AC), HG Infra Engineering informed the exchanges.

The estimated costs of these four solar power projects are ₹156 crore, ₹396 crore, ₹314 crore, and ₹160 crore, respectively, including GST.

These solar power projects will be implemented by a separate entity to be incorporated by Stockwell Solar Services and HG Infra Engineering directly or through its subsidiaries, the filing said.

The project work will be executed on an engineering, procurement and construction (EPC) basis, and the project will be completed in 12 months.

Last week, HG Infra Engineering bagged an order from the East Central Railway for a ₹709.11-crore project and also received the letter of award (LoA) from the National Highways Authority of India (NHAI) for a project worth ₹862.11 crore.

Earlier this month, the company won a project for a 4-lane elevated corridor construction at Kalimandir-Dimna Chowk-Baliguma (Jamshedpur) section of NH-33 through engineering, procurement and construction (EPC) mode in Jharkhand. The project cost is ₹610.11 crore, and its construction period is fixed at 30 months.

HG Infra Engineering is into building and repairing roads, bridges, flyovers, and other infrastructure projects. The company specialises in construction and maintenance work.

At 13:09 AM, shares of HG Infra Engineering were trading at ₹915.9 apiece, up 2.50% on the NSE.