The shares of these Infrastructure Developers & Operators rose up to 6.7% after the company emerged as the lowest bidder for the construction of bypass highways in Ayodhya from the National Highway Authority of India for a value of Rs 2,498.5 crores.
Share Price Variation:
With a market cap of Rs.6,564.04 crores Ceigall India stock started the session with a gap up opening at Rs.399 per share about 6.54% up from the previous day close of Rs. 377.20 per share and made an intraday high of Rs. 399.60. At 1:18 pm the stock was trading at Rs 392.60 per share, 4.08% above the previous day close.
Reason for Rise:
As per the exchange filings Ceigall India Limited emerged as the lower bidder for the construction of 4/6 Lane Southern Ayodhya Bypass Highway covering a length of 32.172 km with a project cost of Rs. 1,299.20 crores and also the lowest bidder for the construction of 4/6 Lane Northern Ayodhya Bypass Highway covering a length of 35.40 km with a project cost of Rs. 1,199.30 crores in the state of Uttar Pradesh under National Highway Authority of India (NHAI) .
Recent Projects:
In the month of August Ceigall India Ltd won a project worth Rs. 899.00 crores from Delhi Metro Rail Corporation Limited for the part design and construction of elevated viaduct and six elevated stations under Bhubaneswar Metro project.
Financials Performance:
For the quarter ended June 2024 company reported a net profit increase of 76.55% to Rs. 77.86 crores compared to Rs. 44.1 crores in the quarter ended June 2023. Revenue from operations has also marked an increase by 26.48% to Rs. 822.39 crores from Rs. 650.17 crores in comparison to the same period and has reported a good Return of Equity of 33.6% in the last financial year.
The company has a healthy order book value of Rs. 9,470.8 crores and about 80.31% of the order book value is tied up with projects under NHAI as on June 2024 based on company data.
About the Company :
Incorporated in the year 2002 Ceigall India Limited is an infrastructure development company engaged in the development of Roads, Railways, Flyovers, Tunnels, Railways & Metros and Airport Runways. It operates across different states in India mainly Punjab, Jharkhand, Bihar, UP, Haryana, Maharashtra and J&K. The company generates most of the revenue through the development of roads, railways and flyovers contributing to more than 80%. The company has been in the field for over 20 years and has completed more than 34 projects and 18 ongoing projects under its sleeve.
Written By: Joseph Pv
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