RPP Infra Projects Bags Rs 218 Crore Road Improvement Contracts In Maharashtra

RPP Infra Projects Ltd. on Tuesday said it has secured new orders worth Rs 218 crore in Maharashtra. The company received a letter of acceptance for a series of infrastructure improvement projects that include the improvement of the Kothore Digar Satana Malegaon Chalisgaon Pachora Shendurni Pahur Wakadi road (SH-19) spanning from km 183/600 to 219/200 in Taluka Jamner, District Jalgaon, according to an exchange filing.

The Chief Engineer of Konkan and the Project Director of the EAP, Mumbai, awarded the total contract, valued at Rs 217.61 crore.

The company's has a strong work order of Rs 3,523.24 crore as of Oct. 15, 2024, the filing said.

We plan to execute the order within a two-year timeframe.

Earlier on Oct. 8, the company received a letter of acceptance from the chief engineer of Maharashtra State Infrastructure Development Corp. for contracts pertaining to the construction of concrete roads and the reconstruction of bridges.

The first contract is for the construction of a concrete pavement road and reconstruction and widening of bridges and culverts for Alibag Bypass Road (Pen Road Junction) to Alibag Roha Junction to Belkade to Garudpad Nagaon Hatale to Revdanda Bridge Road MSH-4 km 262/500 to 280/745 in the state of Maharashtra. While, the second contract is for the improvement of Pachorowadi-Shewalesatgaon Road SH-40 km 94/600 to 11/350 Tal Pachora Dist Nashik, to also take place in the state of Maharashtra.

Separately, Crisil Ratings has reaffirmed a 'BBB/Stable' long-term rating on RPP Infra's banking facilities. It has also retained CRISIL A3+ short-term rating. Total bank loan facilities have been rated at Rs 385 crore on Sept. 11, 2024, which was enhanced from Rs 200 crore.

Shares of RPP Infra Projects rose 5% to Rs 195.77 apiece before cooling off to trade 2.98% higher at Rs 191.20 apiece as of 1:00 p.m. The benchmark NSE Nifty 50 was trading 0.3% lower.

The stock has risen 155.82% in the last 12 months and 68.49% on a year-to-date basis. The total traded volume so far in the day stood at 0.10 times its 30-day average. The relative strength index was at 56.72.