Ramky Infrastructure Share Gains On Two Powergrid Contracts
The two contracts are worth total Rs 131.19 crore and are expected to be completed within 30 months.
Shares of Ramky Infrastructure Ltd. gained over 7% on Thursday after winning two orders worth a total Rs 131.19 crore from Powergrid Energy Services Ltd., an arm of Power Grid Corp.
The first contract, worth Rs 107.39 crore, is for the supply of plants, and the second contract, worth Rs 23.80 crore, involves installation services under the terms of the installation contract. Both of these contracts are expected to be completed within 30 months.
These contracts have been granted by Powergrid Energy Services for the supply of plant contracts for loss reduction work under the Revamped Distribution Sector Scheme in Leh district.
The contract is under the Implementation of Distribution of Infrastructure Works of the Ladakh Power Development Department under RDSS in the districts of Leh and Kargil in the Union Territory of Ladakh.
Shares of Ramky Infrastructure rose as much as 7.41% during the day to Rs 604.85 apiece on the NSE. It was trading 4.80% higher at Rs 589.70 apiece, compared to a 0.21% advance in the benchmark NSE Nifty 50 as of 11:20 a.m.
The stock has risen 58.42% in the last 12 months. The total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 61.47.
Ramky infrastructure specialises in a range of construction and infrastructure projects in various sectors such as water, transportation, industrial construction, power transmission and distribution, commercial and retail property.
PowerGrid Energy Services is a public sector enterprise of the Government of India and the largest electric power transmission utility in the nation.
