Afcons Infrastructure Secures Rs 1,283-Crore Project For Tuna Tekra Container Terminal

Afcons Infrastructure Ltd. received a letter of award worth Rs 1,283 crore from Hindustan Gateway Container Terminal Kandla Pvt. for designing and building the marine part of the container terminal at Tuna Tekra in Gujarat, according to an exchange filing on Wednesday.

The contract will be carried out through the engineering, procurement and construction mode, and is required to be completed within a timeframe of 29 months.

On Jan. 13, the company emerged as the lowest bidder for a Rs 4,787.2-crore road construction contract received from the Maharashtra State Road Development Corp.

Afcons Infrastructure's net profit rose 30% to Rs 135 crore in the second quarter of the current fiscal, compared to Rs 104 crore for the same period last year. The Mumbai-based infrastructure firm posted a total income of Rs 3,090 crore in July–September quarter as compared to Rs 3,434 crore in the same period last year.

Shares of Afcons Infrastructure closed 0.55% lower at Rs 457.65 apiece on the National Stock Exchange, compared to a 0.9% rise in the benchmark Nifty. The share price has fallen 3.49% from the date of its listing.

The two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 35.5%.