Atlantaa Shares Locked In Upper Circuit After Rs 2,485 Order Win From IRCON International

The shares of Atlantaa Ltd., were locked in upper circuit for the second straight session after the company bagged a Rs 2,485 crore contract from IRCON International Ltd.

According to an exchange filing on 30 Sept. the order is pertaining the construction of Bhandara - Gadchiroli Access Controlled Expressway in the state on EPC mode.

"PACKAGE BG-03 from km 34+750 Sarandi Bk, Tq. Lakhandur, Dist. Bhandara to km 69+536 Kinhi, Tq. Bramhapuri, Dist. Chandrapur (Total Length - 34.786 km)" invited by Maharashtra State Road Development Corporation," said the exchnage. The total value according to the filing stands at Rs 2,845 crores.

"It is to be noted that IRCON had submitted the Bid (RFP application) for the subject contract through legal and proper channels abiding all the terms and conditions of the tender 1ssued‘ by MSRDC. M/s IRCON has been declared L-1 for the subject package," according to the filing.

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.

Atlantaa stock rose as much as 19.99% during the day to Rs 55.6 apiece on the NSE. It was locked in this upper circuit compared to the benchmark index Nifty 50 trading flat as of 1:07 p.m.

It had declined 4.37% in the last 12 months and 13.94% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 56.05. There are no Bloomberg analysts who actively track this counter.