GR Infraprojects shares rise over 4% on winning Rs 1,457 crore contract
G R Infraprojects rose over 4% to Rs 1,425 in Wednesday's trade on BSE after the firm's arms executed a concession agreement with the National Highways Authority of India (NHAI).
GR Belgaum Raichur (PACKAGE‐5) Highway Private Limited and GR Belgaum Raichur (PACKAGE‐6) Highway Private Limited, wholly owned subsidiaries of the company, have executed the concession agreement for projects worth Rs 1,457.24 crore with the NHAI on August 29, 2023.
The project included 4 lanes with paved shoulders in the Belgaum – Hungund – Raichur Section of NH‐748A in Karnataka on a hybrid annuity mode under NH(O) (Package‐5). The bid project cost is Rs 716.47 crore and is to be completed in 730 days from the appointed date.
The second project relates to the construction of 4 lane with paved shoulders in the Belgaum – Hungund – Raichur Section of NH‐748A on hybrid annuity mode (Package‐6) under NH (O).
The bid project cost is Rs 740.77 crore and is to be completed in 730 days from the appointed date.
At 10.47 am, the stock was trading 1.3% higher at Rs 1,303 on BSE. On a year-to-date basis, the stock has surged 10%, while it has risen nearly 25% in the past six months.
As per Trendlyne data, the target price of the stock is Rs 1,488, which shows an upside potential of 15% from the current market prices.
The consensus recommendation from 14 analysts for the stock is a 'Buy'.
Technically, the stock's day RSI (14) is at 52. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.
