Moneycontrol
Sep 01, 2017 09:23 AM IST | Source: Moneycontrol.com

Welspun Enterprises rises 6% on project win worth Rs 1161 crore

The company has received letter of award from National Highways Authority of India (NHAI) for the six-laning of Aunta-Simaria section of NH-31 in the state of Bihar on hybrid annuity model (HAM).

Welspun Enterprises rises 6% on project win worth Rs 1161 crore

Moneycontrol News

Shares of Welspun Enterprises rose more than 6 percent in the early trade on Friday on the back of letter of award from National Highways Authority of India.

"The company has received letter of award from National Highways Authority of India (NHAI) for the six-laning of Aunta-Simaria section of NH-31 in the state of Bihar on hybrid annuity model (HAM), as per company release.

"The company will develop the project stretch of 8.15 km at a bid project cost of Rs 1161 crore, and shall receive Rs 9.90 crore / year as O&M payments along with the annuity and interest thereon from NHAI for a period of 15 years post-construction."

With the award of this project, the company has built a portfolio of four HAM projects totalling to Rs 4,129 crore.

"The construction of the first HAM project, namely Delhi-Meerut Expressway (Package I), is in full swing and has achieved physical progress of approximately 60 percent within nine months of commencement," it added.

welspun

At 09:19 hrs Welspun Enterprises was quoting at Rs 141.55, up Rs 5.70, or 4.20 percent on the NSE.

Posted by Rakesh Patil
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