ARSS Infra soars 5 per cent on order win
ARSS Infrastructure has received orders total amounting Rs. 121.09 crore from Rail Vikas Nigam Limited. The stock opened at Rs. 56.85 per share and was up 5 per cent from its previous closing of Rs. 54.40 per share on Monday.
The work order consisted of Rs. 89.01 crore for Package 1 and Rs. 32.08 crore for Package 2. These orders are for implementation of balance works for building of main bridges in connection with doubling between Jaroli and Jakhapura on Khurda road Division of East Coast Railway and Chakradharpur division of South Eastern Railway in Odisha in two packages.
In the recent quarter i.e. Q3FY18, company has registered decline in revenue by almost 55 per cent YoY. However, its net loss narrowed from Rs. 207 crore to Rs. 6.07 crore in Q3FY18.
ARSS Infrastructure is engaged in infrastructure construction segment including highways, buildings and railways. It has completed 80 projects across India, with aggregate contract value of over Rs. 7,000 million, for various clients all over India.
Cheering the news, the stock opened at Rs. 56.85 per share, around 5 per cent up from its previous closing of Rs. 54.40 per share and touched an intra-day high of Rs. 57, on the BSE.