HG Infra in the red

Yesterday, after market hours, HG Infra informed the exchanges that Public Works Department (PWD) has canceled  its tender for the development and maintenance of Beawar Masuda Goyala Section, Arain Sarwar Section and NH-12 Laxmipura Dora Dabi Ranaji ka Gudha Section.

These were to be done through Public Private Partnership under Design, Build, Operate/Maintain & Transfer (the "DBOT Hybrid Annuity") Basis. The LoI was awarded to the company for an amount of Rs. 331.11 crore against the HGIEL Bid Project Cost of Rs. 448.11 crore, which was not accepted by the company.

Following this, the stock price is in the red, opening slightly higher at Rs.589 but soon went down to an intraday low at Rs.580 and currently trades at Rs.583 levels.