RPP Infra gains 8% as JV bags Rs 138 crore order

The JV will invest in the project as per their capacity of holding and complete the said project within the decided timeline”, RPP infra said in an exchange filing on July 17.

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RPP Infra Projects Limited shares were up 8 percent at Rs 68 apiece on July 18 at 9:16 am, with 5 lakh shares changing hands on NSE. The company announced that its joint venture (JV) with Hs Engineers Associates has received a letter of acceptance for a new project in Himachal Pradesh worth Rs 138 crore.

“RPP Infra with 51 percent holding along with its JV partner (49 percent holding) will invest in the project as per their capacity of holding and complete the said project within the decided timeline,” RPP infra said in an exchange filing on July 17.

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The win gains significance as this is the company’s third order win in July.

Earlier this month, the construction company received a letter of acceptance for a new project for the rectification of a “black spot” by constructing a three-lane additional flyover at Uthamasolapuram, with a vehicular underpass at a different location on the Salem-Kumarapalaym section of NH-544 in Tamil Nadu on EPC mode. The contract is valued at Rs 106.65 crore and is to be executed in 12 months.

The second contract consisted of the beautification of Vandiyur Tank in Madurai City Municipal Corporation, at a contract price of Rs 41.15 crore (Including GST). The company also received contracts from various town panchayats for improvements to water supply systems and providing house service connections. The project is worth Rs 122, including GST.

As of June 30, the company’s order book stood at Rs 3,240 crore, the company declared in a disclosure to the exchanges. The company’s revenue in March quarter jumped 7.2 percent to Rs 298 crore as compared with Rs 278 crore in the same quarter last year.

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