HG Infra Engineering shares rally nearly 11% to hit 52-week high on receiving orders worth ₹156 crore in Rajasthan

Shares of HG Infra Engineering Limited surged nearly 11% to hit a fresh 52-week high of ₹1,098.85 apiece on the NSE on Tuesday, April 2, after the company announced receiving two contracts for solar power plants from Jodhpur Vidyut Vitran Nigam Limited.

The total value of the two orders amounted to ₹156 crore, the company informed the stock exchanges in a filing.

HG Infra Engineering Ltd said that the company received two letters of award (LoAs) from Jodhpur Vidyut Vitran Nigam Limited for its consortium with Stockwell Solar Services Private Limited for solar power plants.

For one of the projects, the scope of work includes design, survey, supply, installation, testing, commissioning, operation and maintenance for 25 years from the commercial operation date (COD) of grid-connected solar power plants under the RESCO mode in Churu, Rajasthan. This project, a part of the KUSUM Scheme - Component C, targets solarising agriculture consumers.
The order is to be executed within 12 months, with an estimated cost of ₹49 crore. HG Infra Engineering Limited and Stockwell Solar Services Private Limited will be responsible for the Engineering, Procurement and Construction (EPC) as well as the commissioning of solar power plants.

The second contract is for the design, survey, supply, installation, testing, commissioning, operation and maintenance for 25 years from the COD of grid-connected solar power plants under RESCO mode in Bikaner, Rajasthan. The project is part of the PM-KUSUM Scheme - Component C. The scope of work pertains to EPC and commissioning of solar power plants. The project is estimated to be completed within 12 months from the COD (commercial operation date). The estimated cost of the project stands at ₹107 crore, the company informed the stock exchanges.

Shares of HG Infra Engineering were trading 8.3% higher at ₹1,073.65 apiece on the NSE at 2:45 pm.