G R Infraprojects Receives LoA Worth Rs 4,263 Crore From NHAI
The contract is expected to be completed within 910 days.
G R Infraprojects Ltd. received on Tuesday a letter of acceptance from the National Highways Authority for the construction of a greenfield project worth Rs 4,262.8 crore.
The project comprised construction of the Agra–Gwalior greenfield road through design, build, finance, operate and transfer mode. The contract is expected to be completed within 910 days from the appointed date, according to an exchange filing on Tuesday.
On March 7, the company's board announced an interim dividend of Rs 12.50 per share for a face value of Rs 5. The record date for the same is set as March 13.
G R Infraprojects revenue dipped 20.6% to Rs 1,694 crore in the third quarter of the current fiscal. The net profit rose 7.8% to Rs 262 crore.
Shares of G R Infraprojects closed 3.57% higher at Rs 940.65 apiece on the National Stock Exchange, compared to a 1.45% rise in the benchmark Nifty. The stock has fallen 25.8% in the last 12 months.
Out of the 13 analysts tracking the company, eight have a 'buy' rating on the stock, two recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 51.2%.
