HG Infra rises to new high

HG Infra is currently the top gainer on the BSE; opening over 5% higher at Rs.1530.20, it rose to hit a new high at Rs.1643.30, up 13%.

The stock surged after it announced that it has emerged as the L-l bidder by Maharashtra State Road Development Corporation (MSRDC) for two projects worth Rs.4142 crore.

Both projects are for construction of Nagpur-Chandrapur access controlled super communication Expressway in the State of Maharashtra on EPC Mode.

For one road, MSRDC had estimated a cost of Rs. 1554.45 crore and company’s bid project cost was Rs.1991.11 crore. And for the other, MSRDC’s estimated cost was Rs. 1654.92 and company’s bid cost was Rs.2151.11 crore.

Both projects have to be delivered in 30 months.

The company, for Q4FY24 had posted a strong 64% (YoY) jump in consolidated net profit at Rs.171 crore on a 44% rise in revenue at Rs.1535 crore. EBITDA margin had shown a good jump of 120 bps from 18.1% to 19.3%.