Hindustan Construction Company shares gained more than 5 percent intraday Thursday after its subsidiary HCC Concessions commenced commercial operations of its Rs 1,720 crore Farakka Raiganj Highways (FRHL) in West Bengal.
The project forms an integral part of HCC's Rs 4,300 crore development of NH-34 across three contiguous stretches over 256 km between Baharampore and Dalkhola, the company said.
The first leg between Baharampore to Farakka has been operational since May 2014 with a current daily collection of approximately Rs 40 lakh.
HCC said the development of FRHL is supported by a consortium of 9 lenders and the project has a concession period of 30 years.
HCC Operations & Maintenance Limited is the designated operations & maintenance contractor for the highway.
At 10:31 hours IST, the stock was quoting at Rs 38.60, up Rs 1.20, or 3.21 percent on the BSE.Posted by Sunil Shankar Matkar
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