Micro-Cap Stock In Focus As Firm Enters Pact With IRCON For Rs 2,485 Crore Expressway Project

Shares of Atlantaa Ltd. will catch investors' attention on Wednesday after the company entered into a pact with Indian Railway Construction International Ltd. (IRCON) for an expressway project worth Rs 2,485 crore, plus the applicable Goods and Services Tax (GST), according to an exchange filing on Tuesday.

The project is for the construction of 'Bhandara-Gadchiroli Access Controlled Expressway' in the state of Maharashtra and has been awarded by the Maharashtra State Road Development Corporation (MSRDC) to IRCON.

"Atalantaa Ltd. has entered into an agreement with IRCON for undertaking the contract pertaining to construction of 'Bhandara-Gadchiroli Access Controlled Expressway' in the State of Maharashtra on EPC Mode", the filing stated.

It further added that the company has entered into the agreement with IRCON in anticipation of the award of the said project by MSRDC to IRCON.

Atlantaa's work is focused around urban infrastructure, including highways, railways, and runways, alongside large-scale Engineering, Procurement, and Construction (EPC) endeavors and real estate ventures pan India.

IRCON International is a government company incorporated by the Central Government (Ministry of Railways) under the Companies Act, 1950. It is a specialised construction organisation covering the entire spectrum of construction activities and services in the infrastructure sector.

Earlier on July 18, the company bagged two orders worth Rs 1,113 crore to undertake work on the Mumbai Metro Rail Lines-5 and Line-6. The orders had been awarded by the Mumbai Metropolitan Region Development Authority (MMRDA).

Shares of Atlantaa closed 1.60% higher at Rs 38.65 apiece on the NSE, compared to a 0.10% fall in the benchmark Nifty. The stock has fallen 34.94% in the last 12 months and 20.86% on a year-to-date basis.