Shares of HG Infra Engineering Ltd. surged by almost 5% to touch a day’s high of Rs 1,729.75 on 25 July after the company announced that it had been declared the lowest bidder for a Rs 763 crore highway project by the Road Transport and Highways Ministry.

HG Infra was declared the L-1 bidder by the Ministry of Road Transport and Highways. This project has an approved cost of Rs 898.5 crore.

It involves improving and upgrading NH227B from Bahuvan Madar Majha to Jagarnathpur in Uttar Pradesh and will be upgraded to a two-lane highway with paved shoulders.

The company secured the 84 Kosi Parikrama Marg project with a bid cost of Rs 763.11 crore. The project spans 63.84 km and is allotted under the Hybrid Annuity Model (HAM). It is scheduled for completion within two years.

The company also received a Rs 14.65 crore project from the Rail Land Development Authority. The project involves leasing 8,034.10 square meters of railway land at Abu Road for commercial development. The lease is granted for a period of 60 years.

The company has entered the solar power sector by signing an MoU with Ultra Vibrant Solar Energy Private Limited. The MoU is for acquiring solar projects for development.

Ultra Vibrant Solar Energy has been awarded solar projects from Jodhpur Vidyut Vitran Nigam Limited (JDVVNL) for 83.02 MW (AC). HG Infra plans to take over these solar projects.

At 2:40 PM, the shares of HG Infra were trading 3.85% higher at Rs 1,704.35 on BSE.

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