GR Infraprojects rises 3% on getting completion certificate for Madhya Pradesh project

The company built an eight-lane expressway carriageway from Bawadi in the Ratlam district to Ranni in the Jhabua district

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GR Infraprojects stock price jumped more than 3 percent on March 8 after the company said it received a completion certificate for an EPC project in Madhya Pradesh.

The civil construction company said on March 6 it received a completion certificate for Madhya Pradesh-based project awarded under the Bharatmala Pariyojana on EPC mode.

The project involved constructing an eight-lane access-controlled expressway carriageway from Bawadi billage in the Ratlam district to Ranni village in the Jhabua district. The cost of the project was Rs 1,047 crore.

The completion certificate has been issued by the authority’s engineer and the project has been declared fit for entry into commercial operation from February 20, 2023.

At 2.06 pm, GR Infraprojects was quoting at Rs 1,034.10, up Rs 30.85, or 3.08 percent, on BSE. It touched an intraday high of Rs 1,039.50 and an intraday low of Rs 992.80.

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GR Infraprojects is an integrated road engineering, procurement and construction (EPC) company largely focused on the road sector. The company recently diversified into the railway sector.

On February 28, GR Infraprojects announced that it secured a letter of award (LoA) from the National Highways Logistics Management (NHLM) for a Rs 758.1- crore project.

The company will develop, operate and maintain a multi-modal logistics park (MMLP) in Indore near Pithampur in the Dhar district of Madhya Pradesh.

In the December quarter, the company’s net profit came in at Rs 323.65 crore, up 122.47 percent from Rs. 145.48 crore in the year-ago period. Net sales came in at Rs 2,191.88 crore, up 10.72 percent from Rs 1,979.70 crore in December 2021.