Nila Infrastructures's share price was locked at 20 percent upper circuit in early trade on September 6 after the company received an order from Shree Infracon Private Limited to construct residential units.
At 09:23 hrs, Nila Infrastructures was quoting at Rs 6.70, up Rs 1.11 on the BSE and there were pending buy orders of 325,009 shares, with no sellers available.
The company has received work for the construction of 1,694 Residential flats (R.C.C. Work, Masonary Work, Frame fitting with Plaster Work — Material + Labour) at Ramapir No Tekro, Wadaj, Ahmedabad. The total estimated development cost is Rs 101.64 crore.
The said order is to be executed in 18 months, while defect liability period shall be for 10 years for structure liability and building defects.
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In August, the company received the Letter of Acceptance from the Gujarat Housing Board for the construction of affordable housing. Under this agreement, the company is to construct 48 Middle Income Group (MIG) affordable housing units for a total development cost of around Rs 17.94 crore.
The share touched a 52-week high of Rs 8.65 and a 52-week low of Rs 4.23 on 30 November, 2022 and 29 March, 2023, respectively.
Currently, the stock is trading 22.54 percent below its 52-week high and 58.39 percent above its 52-week low.
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