HG Infra Engineering Snaps Six-Day Losing Streak After Rs 781-Crore Order Win
The road construction company will work on a total of 10.630 kilometers of national highway 47.
Shares of HG Infra Engineering Ltd. gained more than 5%, snapping a six-day losing streak, on Tuesday after it won a road project worth Rs 781.11 crore from the Ministry of Road Transport & Highways. The company got a letter of award for upgrading work on the national highway 47, in Gujarat.
HG Infra Engineering will upgrade six-lane roads, including elevated corridors, as per site requirements in hybrid annuity mode, the company said in an exchange filing on Monday. The road construction company will work on a total of 10.630 kilometers of national highway 47.
The project is likely to be completed in 2.5 years, the exchange filing said.
Shares of HG Infra Engineering gained 5.42% to Rs 1,540.00 apiece. It was trading 4.74% higher at Rs 1,529.05 as of 11:10 a.m., compared to a 0.09% gain in the NSE Nifty 50 index.
The stock gained 62.64% in the last 12 months and 80.87% on year-to-date. Total traded volume so far in the day stood at 1.22 times its 30-day average. The relative strength index was at 46.49.
Out of 15 analysts tracking the company, 14 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.5%.
