GR Infraproject trades higher on receiving LoA for Rs 3,637-cr project

In March, the Dibang Power consortium, a joint venture between GR Infraprojects and Patel Engineering, emerged as the lowest bidder for the construction of civil works in the northeast region.

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GR Infraprojects Limited shares rose over 3 percent to Rs 1,314 on August 28 after the company received a letter of acceptance (LoA) for the construction of civil works for the Dibang multi-purpose project in Arunachal Pradesh, worth Rs 3,637 crore, it said in an exchange filing on August 25.

At 12.15 pm, shares of the company were trading at Rs 1,282.60, up Rs 9.55 nearly by a percent on the NSE on August 28.

In March, the Dibang Power consortium, a joint venture between GR Infraprojects and Patel Engineering, emerged as the lowest bidder for the construction of civil works in the northeast region.

The company, which constructs and maintains roads, highways, bridges, flyovers and airport runways will construct a head race tunnel, including intake, pressure shafts, penstocks, powerhouse, transformer cavern, tail race tunnel, and pothead yard, the exchange disclosure stated.

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The company has been on a positive run as far as receiving orders is concerned.

In June, the company emerged as the lowest bidder for a National Highways Authority of India (NHAI) project. The Rs 1,085-crore project is for four laning of NH 530B from Kasganj bypass to Chandan Nagar section in Uttar Pradesh on hybrid annuity mode. The project has to be completed in two years, while the operation period is 15 years.

In May,  the company emerged as the lowest bidder for a project on the construction of a 4‐lane highway near the Yamuna Bridge. The project is located in Kausambhi, Uttar Pradesh. It will be constructed on hybrid annuity mode (HAM) which means that the government pays 40 percent of the total expenditure.

The project has a bid project cost of Rs 737.17 crore and the period of completion. The operation period is 15 years from the commercial operation date.

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