Ramky Infrastructure gains 14 per cent on bagging NHAI contract worth Rs 700 crore

By: | Updated: August 30, 2016 4:53 PM

Ramky Infrastructure shares gained nearly 14 per cent in early trade on Tuesday after it along with Ashoka Buildcon bagged a contract for building two highway projects in Jharkhand worth Rs 1,646 crore by National Highways Authority of India (NHAI).

Ramky Infrastructure gains 14 per cent on bagging NHAI contract worth Rs 700 croreRamky Infrastructure shares gained nearly 14 per cent in early trade on Tuesday after it along with Ashoka Buildcon bagged a contract for building two highway projects in Jharkhand worth Rs 1,646 crore by National Highways Authority of India (NHAI). (Photo: PTI)

Ramky Infrastructure shares gained nearly 14 per cent in early trade on Tuesday after it along with Ashoka Buildcon bagged a contract for building two highway projects in Jharkhand worth Rs 1,646 crore by National Highways Authority of India (NHAI). Both the projects are related to widening of a road stretch on NH 32 and NH 33.

Ramky Infrastructure shares were trading 7.62 per cent up at Rs 80.50 at 10.34 am. The scrip opened at Rs 84.05 and touched a high and low of Rs 85.15 and Rs 80.30, respectively. Later, the scrip settled the day 4.55 per cent up at Rs 78.20.

“The National Highways Authority of India (NHAI) has issued Letter of Award (LOA) for development of 2/4 laning of Govindpur (Rajgunj)-Chas-JH/WB Border under NHDP Phase-IV” to Ashoka Buildcon to be built at a cost of Rs 946 crore,” NHAI said in a release. It said the other project for “four-laning of Barhi-Hazaribagh section under NHDP phase-III for 41 km” to built at a cost of Rs 700 crore has been awarded to Ramky Infrastructure Ltd.

Both the projects would be undertaken on engineering, procurement and construction (EPC) mode and the scheduled time of completion is two years. The project will have four railway-over-bridges, 1 railway-under-bridge and 5 km long bypass for Maheshpur town. The project corridor passes through two important industrial districts i.e. coal mining hub of Dhanbad and steel city of Bokaro.

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