Udayshivakumar Infra shares hit their five percent upper circuit for the second straight session on September 6 after the firm's JV bagged three order wins, totalling Rs 1,057.3 crore.
The infrastructure player entered into three joint ventures with KMC Construction (KMCCL) for bidding on national highways project works under the EPC mode in Karnataka. All three joint ventures have won the bidding and become the lowest bidders for projects worth Rs 1,057.3 crore.
The largest project deals with widening a portion of the NH-548B highway. Of this JV, Udayshivakumar Infra will take 51 percent of the revenue, while KMCCL will take the other 49 percent.
The other two projects have a value of Rs 366.19 crore and Rs 299.19 crore each. In both the respective JVs, Udayshivakumar Infra's share is 97.75 percent, with KMCCL taking 2.25 percent.
"The Joint Venture is awaiting for Letter of Acceptance (LOA and agreement is to be executed with National Highways," said the firm in a filing with the exchanges.
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Since its listing in April 2023, shares have jumped around 70 percent. However, Udayshivakumar Infra faced the worst listing in 2023, dropping 10 percent on its debut. Its IPO opened on March 20, closed on March 23, priced at Rs 33-35/share, raising about Rs 66 crore.
Over the past 12 months, Udayshivakumar Infra shares jumped 53 percent as against a 30 percent rise in the Nifty 50 index during the same time.
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