Garuda Construction Share Price Today: Garuda Construction shares were in demand on Tuesday, rising as much as 10.72% to hit an intraday high of Rs 198.20 per share on the BSE.
At 9:37 am, Garuda Construction shares were trading 9.02% higher at Rs 195.15. In comparison, the BSE Sensex was down 0.47% at 75,784.
The sharp rise in the stock came after the company announced that its wholly owned subsidiary, Dream City Builders, formerly known as Garuda Arabia, has entered into a memorandum of understanding (MoU) with Almasarat Company Limited for the proposed construction and development of a 93-storey landmark tower in Jeddah, Saudi Arabia.
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The project is envisioned as a distinctive 360-degree twisting tower featuring panoramic sea views, a five-star hotel with around 350 rooms across the lower 14 floors and a diamond-shaped rooftop restaurant on the 93rd floor.
Dream City Builders is expected to undertake the complete engineering, procurement and construction (EPC) scope for the project, including construction, finishing and handover.
The project has an estimated area of approximately 1,53,451 square metres and is expected to be completed over around five years from commencement. The development is estimated to have revenue potential of approximately Rs 1,800 crore for Dream City Builders over the project period.
The company, however, said the project remains subject to the requisite approvals and commencement of work.
Garuda Construction and Engineering Limited is a Mumbai-based construction company incorporated in 2010. It provides end-to-end civil construction, MEP and operations and maintenance services across residential, commercial, industrial, infrastructure and hospitality projects. The company was listed on NSE and BSE in October 2024.
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