Shares of GR Infraprojects Ltd surged 5% on Wednesday, 16 October, after the company announced receiving a Letter of Acceptance from Maharashtra State Road Development Corporation Limited for a project worth Rs 1,885.63 crore. 

The company has received an order for constructing an access-controlled segment of the Pune Ring Road in Maharashtra, which covers a 9.341 km stretch from village Kalyan/Rathwade to village Shivare/Kusgaon in Pune district. 

The project will be executed in the Engineering, Procurement, and Construction (EPC) mode and has to be completed in 36 months from the date of the letter. 

Earlier on 9 October, the company had been awarded a Rs 903.5 crore contract for designing and constructing an elevated metro viaduct in Nagpur. 

In its regulatory filing, the company added, ” we are pleased to inform you that our Company has received a Letter of Acceptance dated 9 October 2024 from Maharashtra Metro Rail Corporation Limited (Nagpur Metro Rail Project).”

The project covers a distance of 17.6 kilometers and includes special railway spans of 79 and 100 meters each. The contract also includes a 1.14-kilometre, six-lane double-decker section with a vehicular underpass (VUP) as part of Reach-1A of Phase 2 of the Nagpur Metro Rail Project.

Mutual Funds own a 15.56% stake in the company, of which SBI Large & Midcap Fund holds 6.79%, and UTI Large and Midcap Fund owns 1.25%. 

At 12:57 pm, the shares of GR Infra were trading 11.17% higher at Rs 1,638 on NSE.

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