Infra stock engaged in the execution of civil engineering projects like roads, highways, buildings, railways and many more hit a 5 percent upper circuit upon receiving an arbitration award worth Rs. 17.24 Crores.
With a market capitalization of Rs. 568 Crores, the shares of MBL Infrastructure Limited hit a 5 percent upper circuit in the day’s trade at Rs. 54.25.
The Arbitral Tribunal has awarded an arbitration order worth Rs. 17.24 Crores in favor of MBL Infrastructure Limited against the Public Works Department, Government of Uttarakhand for a completed Road project of Improvement / Strengthening of State Roads, in the state of Uttarakhand.
The said arbitration award of Rs. 17.24 Crores includes the interest up to the date of the award and there will be a future interest of 12 percent p.a. from the date of Award to the actual date of payment unless the same is paid within 90 days of the date of the Award along with a declaratory award of GST.
Following this Mr. Surender Aggarwal, Executive Director of MBL Infrastructure said that, The arbitration award is a result of our continued efforts for the realization of our contractual dues.
We are hopeful of receiving more awards/orders in the near future in various pending proceedings and shall continue our persuasion for the realization of our contractual dues which will further improve the overall liquidity and financial position of the company.
MBL Infrastructure Limited is engaged in the execution of civil engineering projects like roads, highways, buildings, railways, metros, housing and urban infrastructure, and other projects across the country.
It also engages in mechanized stone aggregating quarrying and crushing to ensure economic and timely supply of bulk raw material of stone aggregates.
Its revenue from operations declined by 17.18 percent from Rs. 39.46 Crores in Q3FY23 to Rs. 32.68 Crores in Q3FY24, accompanied by a decreasing loss of Rs. 10.99 Crores to Rs. 9.29 Crore.
Written by: Bharath K.S
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