Welspun Entp on good roads

Welspun Enterprises had some good news to share yesterday after market hours.

The company has signed a deal  with NHAI for a Rs,2005 crore highway project in Tamil Nadu.

In the Press Release, the company has said, “ National Highways Authority of India and Welspun Sattanathapuram Nagapattinam Road Private Limited (“WSNRPL”), a subsidiary of Welspun Enterprises Limited, have executed the Concession Agreement on December 3, 2018 for four-laning of Saftanathapuram to Nagapattinam  in the State of Tamil Nadu.”

WSNRPL will develop the project at a Bid Project Cost of Rs. 2,004.51 crore and first year 0kM cost of Rs. 5 crore. The construction period is 2 years from the Appointed Date.

WSNRPL has received a firm sanction letter from lenders for this project.

The stock price of Welspun Enterprises rose almost 4% to Rs.115 though it has come off that intra day high and is now trailing some 1% higher at Rs.112 levels.