Tantia Constructions Bags Rs 151-Crore Contract For Passenger Ropeway At Shillong Peak
The contract will be under the engineering, procurement and construction mode under the Meghalaya Ecotourism Infrastructure Development Project.
Tantia Constructions Ltd., in partnership with a third-party firm, has secured a contract worth Rs 151 crore from the Directorate of Tourism in Meghalaya for a passenger ropeway at Shillong Peak.
The contract is for the design, supply, construction, operation, and maintenance of the ropeway under the engineering, procurement and construction mode under the Meghalaya Ecotourism Infrastructure Development Project, funded by the New Development Bank, according to an exchange filing on Thursday.
In November, the board of Tantia Constructions had approved a proposal to raise funds through the issue of equity shares and other securities that can be converted into equity shares. The total number of equity shares to be issued will not exceed 4,00,00,000 shares, each at a face value of Rs 1, through a qualified institutional placement.
Tantia Constructions posted a net profit of Rs 0.28 crore in the second quarter of the current financial year, compared to a net loss of Rs 0.12 crore in the same quarter in the previous fiscal. Sales grew nearly fourfold to Rs 12.3 crore in the quarter ended September from Rs 3.22 crore in the year-ago period.
The share price of Tantia Constructions closed 4.99% higher at Rs 46.52 apiece on the National Stock Exchange, compared to a 0.98% advance in the benchmark Nifty. The stock has declined 77.56% on a year-to-date basis.
