Ceigall India shares rise 7% on new Rs 981-crore project from NHAI

Ceigall shares have tanked 8 percent in the last three months.

Shares of Ceigall India Limited a recently listed infrastructure player, surged as high as 7 percent to Rs 366 in morning trade on December 26 after the company announced that its subsidiary, Ludhiana Bathinda Greenfield Highway, had signed a Concession Agreement with the National Highways Authority of India (NHAI).

The project, valued at Rs 981 crore, is slated for completion within 24 months and will also be operated by the company upon its completion.

The project involves constructing a six-lane, access-controlled Ludhiana-Bathinda Greenfield highway segment of NH-754AD. It stretches from the junction with Moga-Barnala Road (NH-703) near Tallewal village to the Delhi-Katra Expressway (NE-5) near Ballowal village, covering km 30+300 to km 75+543. This development forms part of the Ludhiana-Ajmer Economic Corridor under Bharatmala Pariyojna Phase-I, Package-2.

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In a recent CNBC-TV18 interview, Managing Director and CEO Ramnik Sehgal revealed that Ceigall India has secured projects worth Rs 4,000 crore and plans to bid for contracts valued at Rs 15,000–20,000 crore soon.

Founded in 2002, Ceigall India specialises in infrastructure construction, undertaking projects like elevated roads, flyovers, bridges, tunnels, highways, expressways, and runways. Currently, the company has 18 projects underway, including 13 EPC and five HAM projects, spanning elevated corridors, metro lines, and multi-lane highways.

The company also utilised its IPO proceeds to significantly pare down debt, reducing it by 62 percent to Rs 413 crore, while maintaining robust EBITDA margins across its business segments.

Ceigall India debuted on the stock market on August 8, 2024, listing at a 4 percent premium over its issue price.

At about 11:27 am, shares of the company were trading at Rs 352, higher by 2.5 percent from the last close on the NSE. Ceigall India shares have tanked 8 percent in the last three months.

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