- Shares of Afcons Infrastructure rose over 8% after winning a Rs 5,301 crore port project
- Afcons will build a 10.14 km breakwater at Vadhvan Port in Maharashtra, the world's second largest
- Stock opened at Rs 335, up from Rs 315.50, with a market cap of Rs 12,328.14 crore
Small-Cap Stock Under Rs 500: Shares of Afcons Infrastructure Ltd rallied over 8% in early trade on Wednesday, June 10, after the flagship infra and construction major of the Shapoorji-Pallonji Group bagged the Vadhvan Port Project Ltd (VPPL) worth Rs 5,301 crore for the construction of a 10.14 km-long breakwater at the upcoming Vadhvan Port in Maharashtra. The small-cap stock priced under Rs 500 gained momentum after the opening bell amid a positive sentiment in the domestic stock market.
On Wednesday, shares of Afcons Infrastructure opened at Rs 335, over 6% higher than its previous close of Rs 315.50 and extended gains to 8% hitting an intraday high of Rs 346.50 so far during the session. Shares last traded 6.18% higher at Rs 335 apiece against a 0.46% rise to 23,349.70 in the benchmark NSE Nifty 50 index. The stock has gained 4.5% in one week, but has lost 14% year-to-date and 24% in one year. The infra major commands a market cap of Rs 12,328.14 crore, as per NSE data.
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Afcons Infra Intraday Share Price
Afcons Infra to construct world's second-largest breakwater
Afcons Infra received the Letter of Award on June 9 from the VPPL or the construction of a 10.14 km-long breakwater at the upcoming Vadhvan Port in Maharashtra. This, when completed, will be the second longest breakwater in the world. Seen as India's largest public port and one of the world's biggest container ports, Vadhvan Port will have a handling capacity of 23.2 million TEUs, positioning India on the global trade map.
"This award is a testament to Afcons' proven expertise in delivering complex and large-scale marine infrastructure projects. The Vadhvan breakwater project will be a strategic enabler for India's ambition to become a global maritime hub,'' said Krishnamurthy Subramanian, Executive Chairman, Afcons Infrastructure Ltd. According to S Paramasivan, Managing Director, Afcons Infrastructure Ltd, the project showcases India's growing expertise in executing complex infrastructure on a global scale.
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