HCC in the limelight

HCC is doing pretty well today morning, with the stock showing good volumes over the past two days. The stock price zoomed up over 7% during the morning trades. Though it has come off those spikes, it remains up over 5% at Rs.14. Its 52-week high is at Rs.16.40.

The stock has jumped up after it reported that the company through a JV with GVPR Engineers has won a contract worth Rs.904 crore from Karnataka Neeravari Nigam, which is Karnataka Government’s nodal agency to implement major irrigation projects.

The company has stated that this work entails diversion of flood water from Sakleshpura (West) to Kolar/Chikkaballapur (East) under Yettinahole Diversion Project-Package-4. This is a 50:50 JV and the project is to be executed in 36 months. After execution of the project, HCC will also be responsible for maintenance and operation for the next five years.