HCC Surges 8% on Rs 1,783-Cr NHAI Order

HCC shares jumped over 8 per cent on Thursday after the company said that it has bagged an Rs 1,783.42-crore contract from NHAI for construction of a highway in Jammu & Kashmir (J&K).

"The company has been awarded a prestigious NHAI contract worth Rs 1,783.42 crore to construct a 36-km highway, which includes 3 kms of tunnels between Ramban and Banihal in Jammu & Kashmir," Hindustan Construction Company said in a BSE filing.

It further said: "The project is part of NHDP Phase II programme of NHAI on NH 1A (now NH 44) and is known for its difficult terrain and low temperatures, especially in the winter season."

HCC President and CEO-E&C Arun Karambelkar said: "This project not only allows us to further expand our presence in road-related business segments, but also gives us immense pride as this highway will contribute to infrastructure growth of our nation."

HCC added that highway NH 1A is a major road connecting Srinagar with the rest of the country.

"The work will start in the project in a month's time, we will take close to around 14 months to complete the project," Praveen Sood, group CFO at HCC told NDTV. (Watch)

This is the third project which HCC bagged in the second quarter and with this order HCC's total order book soars to Rs 15,500 crore, Mr Sood added.

HCC shares closed 1.68 per cent higher at Rs 18.20 apiece outperforming the broader Nifty, which closed 0.29 per cent higher. (With inputs from PTI)