Highway Infrastructure shares zoom 14% as newly listed firm bags order worth ₹329 crore; check details

The company has received a Letter of Acceptance (LOA) worth ₹328.78 crore for operating the Kaza Fee Plaza on the Chilakaluripet–Vijayawada section of NH-16 (Km 355.000 to Km 437.500, covering 82.5 km) in Andhra Pradesh.

The order has been awarded by a domestic entity, and it is for operating and collecting user fees at the Kaza Fee Plaza. The company is expected to complete the contract within a year.

Highway Infrastructure share price

At 12:25 PM, shares of Highway Infrastructure were trading at ₹65.37 apiece on NSE, gaining 5.2%.

In the last five trading sessions, the stock has lost almost 6%, while for a month’s time, it has fallen 13%. The company has a market capitalisation of ₹448.25 crore.

Highway Infrastructure IPO

The company had made a spectacular debut at ₹115 per share on the NSE on August 12, which shows a premium of 64.29% over the issue price.

The initial public offering sought to raise ₹130 crore by offering new equity shares worth ₹97.52 crore and an offer for sale valued at ₹32.48 crore by two promoters: Arun Kumar Jain and Anoop Agrawal. The price range was set at ₹65-₹70 per share.

The objectives of the issue were working capital requirements and general corporate purposes.

Highway Infrastructure Q2 earnings

Highway Infrastructure Ltd, which has reported a multi-fold rise in the September quarter net profit to ₹9.7 crore, expects to execute ₹150-200 crore worth of EPC projects and is actively bidding for new projects of around ₹250 crore.

The company plans to execute ₹150–₹200 crore worth of EPC projects over the next two years and is actively bidding for new projects worth approximately ₹250 crore, Arun Kumar Jain, Managing Director of Highway Infrastructure, had said.

The September quarter witnessed a robust influx of new orders, including the expansion of toll operations with projects at Kiratpur and Muzaina Fee Plazas in Uttar Pradesh, a Greenfield Motorway in Rajasthan, and Chotiya Fee Plaza in Chhattisgarh, Jain said.

Incorporated in 1995, Highway Infrastructure is involved in EPC (Engineering, Procurement, and Construction), real estate development and toll collection services.

It undertakes government-based projects, primarily those awarded by the National Highways Authority of India and state agencies.