RInfra climbs over 14 per cent on bagging order from MSRDC
Reliance Infrastructure (RInfra) has bagged one of the largest EPC contracts from Maharashtra State Road Development Corporation (MSRDC). The shares of the company gained 14 per cent intraday.
The contract is worth Rs 7,000 crore for the Versova-Bandra Sea Link Project (VBSL) in Mumbai. As per the terms in the contract, the company has been given 60 months to deliver the project from the Appointed Date of June 24, 2019.
VBSL is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km. VBSL would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes. For the said project, the company has already completed the works related to soil investigation, done in partnership with Fugro, and engineering design, in partnership with Dar Al Handasah.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
On Wednesday, the shares of RInfra opened at Rs. 50.80 against Tuesday’s close of Rs. 51.95. The shares at 11:50 were trading at Rs. 59.40, up by whopping 14.34 per cent on the BSE. It reached an intraday high of Rs. 59.65 and an intraday low of Rs. 50 per share on the BSE. The 52-week high stood at Rs. 488.50 and 52-week low was at Rs. 37.30 per share on the BSE.