Kridhan Infra surges as subsidiary wins Rs. 105 crore order
Shares of Kridhan gained about 6 per cent at the opening bell on accounts of its associate company, Vijay Nirman adding Rs. 105 crore to its order book.
Kridhan currently owns approximately 41 per cent stake in Vijay Nirman Company. The associate company received a Letter of Intent for Rs. 105 crores order to construct major and minor bridges, for Package 4 of the Mumbai - Nagpur Super Communication Expressway in Maharashtra. The project is to be completed within a tenure is 12 months. Vijay Nirman is a leading player in bridge construction in India.
Kridhan Infra is one of the pioneers of introducing the concept of readymade steel products in India. The major customers of the company are infrastructure developers and contractors. The product range of the company includes Stirrups (Cut & Bend) and Prefabricated Cages.
On Wednesday, the shares of Kridhan opened higher at Rs. 52 per share as against Tuesday’s close of Rs. 46.90. At 10:19 hours, the shares of the company were trading at Rs 49.40, up by 4.80 per cent. The intraday high was Rs. 52 and intraday low was Rs. 49.05 per share on the BSE. Its 52-week high was Rs. 142 and the 52-week low was Rs. 41 per share on BSE.
Meanwhile, the BSE Sensex was at 35,942.25, down by 0.53 per cent and the Nifty50 was at 10,798.35 level, down by 0.65 per cent.