Shares of Afcons Infrastructure Ltd soared 8% on 16 December after the company announced receiving a Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail for the building Package BH-05 of the Bhopal Metro Rail Project, there was a demand for stock.
In its regulatory filing, the company said, “The company being declared the Lowest Bidder (L1) for the construction Package BH-05 of Bhopal Metro Rail Project and in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, 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.”
The length of the Bhopal metro line is 12.915 kilometres. The project has a budget of Rs 1,006.74 crore and has a 36-month completion timeline.
Afcons previously completed the largest tunnelling drive for DMRC in Delhi Metro Phase-4. The DC-07 package includes three stations, a 223-meter ramp, a 119-meter cut-and-cover section, and 11.26 kilometres of digging.
Founded in 1959 and based in Mumbai, Afcons Infrastructure is a well-known Indian multinational construction and engineering company. Afcons has joined the Shapoorji Pallonji Group since 2000. Its focus is on infrastructure-related EPC (Engineering, Procurement, and Construction) projects, including rail lines, tunnels, roads, ports, bridges, flyovers, metros, oil and gas structures, and maritime works.
The company has been involved in several noteworthy projects, including the Chenab Rail Bridge and the Mumbai–Nagpur Expressway.
As the world’s first infrastructure company to win the Most Innovative Knowledge Enterprise (MIKE) Award at the Global, Asia Pacific, and India levels, Afcons is well known for its innovative processes.
At 12:32 pm, the shares of Afcons Infrastructure were trading 2.94% higher at Rs 537.90 on NSE.
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