The shares of HG Infra Engineering Ltd were trading up by 2 per cent at Rs 585 levels till the afternoon on Thursday. The stocks rallied after the company received an order from the Adani group.
The company received a letter from Adani Road Transport Ltd regarding the declaration of the appointed date by the authority as November 3rd, 2022 for a project that is worth Rs 4,970.99 crore.
The project involves the execution of civil and associated works on an engineering procurement & construction basis for the development of an access-controlled six-lane Ganga expressway in Uttar Pradesh on a DBFOT (toll) basis under PPP.
The stock has been volatile and gained approximately 2 per cent in a month. In the past six months, the stock has inched up by 7 per cent. However, on a yearly basis, the share price has declined by 9 per cent.
H.G. Infra Engineering Limited is an Indian Road Infrastructure Company that specializes in Engineering, Procurement, and Construction (EPC) Services, as well as the maintenance of roads, bridges, flyovers, and other infrastructure contract works.
In Q2FY23, the company reported a total revenue of Rs 795.7 crores which grew sideways from Rs 781.55 crore in the same period a year earlier. In the quarter under review, their net profit stood at Rs 81.69 crore which increased from Rs 74.51 crore in Q2FY22.
HDFC Securities is bullish on HG Infra Engineering Ltd and has a ‘Buy’ tag with a target price of Rs 1,013 per share which represents an upside of 73% from the current levels.
The company has a market capitalization of Rs 3,820 crore and a dividend yield of 0.17% as on November 24th, 2022.
Written by Anoushka Roy
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