The Narmada Valley Developemnent Authority on Friday awarded Afcons Infrastructure Ltd. the Raghavpur Multipurpose Project, after receiving the environmental clearance from Madhya Pradesh State Environment Impact Assessment Authority.
The contract includes construction of a dam and 25 megawatts of powerhouse on the Narmada River, according to an exchange filing on Friday. The company will also set up pipelines providing water to micro-irrigation, covering 17,587 hectares of farmland.
“This project is a testament to our commitment to nation-building and sustainable infrastructure development," according to Satish Paretkar, director, hydro and underground, water supply at Afcons Infrastructure Ltd.
"By integrating hydropower generation with a modern irrigation network, the project will not only enhance agricultural productivity but also contribute to clean energy generation," he said.
Nuvama Initiates 'Buy' On Afcons Infrastructure
In March, Nuvama initiated 'buy' rating on Afcons Infrastructure after establishing itself as a standout player in the infrastructure sector, delivering growth and stability over the past six decades.
The infrastructure firm has diversified its operations both geographically and across various segments, withholding market fluctuations.
The company's net profit rose to Rs 148.9 crore, denoting a 36% rise for the quarter ended Dec. 31, 2024, as against Rs 109.7 crore for the same period last year.
The Shapoorji Pallonji Group-backed firm's revenue grew 2.7% to Rs 3,211.1 crore in the October-December quarter, as compared to Rs 3,125.7 crore for the year-ago period.
Afcons Infrastructure Share Price
Afcon Infrastructure on Friday fell as much as 3.83% to Rs 452 apiece. It pared losses to trade 2.84% lower at Rs 456.65 apiece, as of 3:10 p.m. This compares to a 1.50% decline in the NSE Nifty 50.
The stock has fallen 3.70% in the last 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 47.29
All eight analysts tracking the company maintain a 'buy', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 26.6%.
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