RPP Infra Projects Bags Rs 318.6-Crore Contract For Road Development
RPP Infra Projects Ltd. received a Letter of Acceptance from the chief engineer of Maharashtra State Infrastructure Development Corp. for contracts pertaining to the construction of concrete roads and the reconstruction of bridges, according to an exchange filing on NSE.
The first contract is for the construction of a concrete pavement road and reconstruction and widening of bridges and culverts for Alibag Bypass Road (Pen Road Junction) to Alibag Roha Junction to Belkade to Garudpad Nagaon Hatale to Revdanda Bridge Road MSH-4 km 262/500 to 280/745 in the state of Maharashtra.
The contract is to be executed in two years. The contract price for the project will be Rs 201.94 crore.
The second contract is for the improvement of Pachorowadi-Shewalesatgaon Road SH-40 km 94/600 to 11/350 Tal Pachora Dist Nashik, to also take place in the state of Maharashtra.
This project, worth Rs 116.7 crore, also has to be executed in two years.
Separately, Crisil Ratings has reaffirmed a BBB/Stable long-term rating on RPP Infra's banking facilities. It has also retained CRISIL A3+ short-term rating. Total bank loan facilities have been rated at Rs 385 crore on Sept. 11, 2024, which was enhanced from Rs 200 crore.
The share price of RPP Infra Projects closed 5% higher at Rs 177.46 apiece on the NSE, compared to a 0.97% increase in the benchmark Nifty 50.
The stock has increased 19.02% year-to-date and 118.95% over the past 12 months. The relative strength index was at a decline of 67.68.
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