Afcons Infrastructure, a subsidiary of the Shapoorji Pallonji Group, surged 8% to their new 52-week high of Rs 564.40 on the BSE in an early trade today after the company received a Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail Corporation for the Bhopal Metro Phase 1 project worth Rs 1,007 crore.
“We hereby inform you that the Company has today received Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail Co. Ltd formally confirming our selection and the award of the said Project to the Company”, company said in an exchange filings.
The 12.915 km stretch of Bhopal Metro’s blue line will cost about Rs 1006.74 crore. It is expected to be completed in 36 months via EPC mode.”Part Design and Construction of elevated Viaduct, thirteen (13) elevated Metro Stations which will connect Bhadbhada Chauraha to Ratnagiri Tiraha (excluding an Elevated Passenger interchange Metro Rail Station),between chainage 50+000 and 62+915 and access to Depot between Chainages 00+143 and 01+080 for Blue Line for Bhopal Metro Rail Project”, company added in exchange filings.
In November, the company also received a work order worth Rs 1,274 crore from the Government of Uttarakhand.
“We are pleased to inform you that the Company has received Letter of acceptance dated November 21, 2024 from Uttarakhand Project Development and Construction Corporation Ltd for Civil Works including HM Works for the Construction of 130.6 m High Concrete Gravity Dam and Appurtenant Works across River Song of Song Dam Project in District Dehradun, Uttarakhand,” the company had said in a release.
The shares of Afcons Infrastructure debuted on the exchanges on 4th November with a discount of 8%. The stock listed at Rs 426 on NSE as against an issue price of Rs 463. On Friday, Company shares closed at Rs 522.65 on BSE which is 21.55% increase from listing price.
