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Thursday, March 23, 2023

HCC’s JV secures Rs 3,681 crore contract from NHSRCL, boosting share price by 7%

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Hindustan Construction Company (HCC) has witnessed a 7% increase in its share price intraday, following the announcement of a significant contract win. The company, in collaboration with Megha Engineering & Infrastructures Ltd (MEIL), has secured a contract worth Rs 3,681 crore from the National High-Speed Rail Corporation Limited (NHSRCL).

The contract involves the construction of the Bandra Kurla Complex Station of the 508.17 km long Mumbai-Ahmedabad High-Speed Rail, as per the company’s press release.

The Bandra Kurla Complex (BKC) Bullet Train Station will have six platforms, and each platform is approximately 414 m, sufficient to accommodate a 16-coach bullet train.

The station will have connectivity with the metro and road transport.

This station is the only underground station on the Mumbai-Ahmedabad High-Speed Rail corridor, and it is planned at a depth of about 24 m below the ground level, the company added.

The contract also includes building a retrieval shaft on the eastern end for the removal of the tunnel boring machine (TBM), architectural finishing, all MEP works, and testing and commissioning

At 15:15 hrs Hindustan Construction Company was quoting at Rs 15.16, up Rs 0.83, or 5.79 percent on the BSE.

The share touched a 52-week high Rs 22.70 and a 52-week low Rs 10.54 on 20 December, 2022 and 20 June, 2022, respectively. Currently, it is trading 33.22 percent below its 52-week high and 43.83 percent above its 52-week low.

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