Shares of Hindustan Construction Company gained about 13 percent in early trading session on March 21, after it secured Rs 2,470 crore order via a joint venture with Tata Projects, soon after a Rs 2,191 crore metro rail project order win earlier this week.
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In an exchange filing, the company said, "Hindustan Construction Company (HCC) and Tata Projects Limited (TPL), in a 50:50 joint venture, have been awarded a Rs 2,470 crore contract by Tata Power Company for the construction of the Bhivpuri Off-Stream Open-Loop Pumped Storage Project (PSP) with a capacity of 1,000 MW (2x333 MW + 2x167 MW), located at Karjat, Maharashtra."
As per the statement, the project entails civil and hydro-mechanical components, including the construction of a coffer dam, intake structures with gates and screens at the existing Thokerwadi reservoir, head race tunnels, penstocks, surge and pressure shafts, a powerhouse, and a tail race tunnel. It involves developing lower intake structures, a new reservoir with a GFRD dam, access roads, drainage systems, adits, and various balance-of-plant foundations and building structures.
This marks the joint venture’s second contract win this week, following a Rs 2,191 crore deal secured on Monday for developing an 8.65 km corridor for the Madhya Pradesh Metro Rail Corporation Limited (MPMRCL), which includes underground tunnels and station construction.
Hindustan Construction Company holds about 55 percent stake in the joint venture with Tata Projects, valued at Rs 1,205 crore.
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