Shares of HG Infra Engineering Ltd surged 4% on 21 August after the company emerged as the lowest bidder (L-1) for a project worth Rs 781.11 crore. 

The predicted cost of the project is set at Rs 883.24 crore, but the bid cost by the company stood at Rs 781.11 crore. 

In an exchange filing, HG Infra said, “We wish to inform you that HG Infra Engineering Limited (the Company or HGINFRA) has been declared as L-l bidder by the Ministry of Road Transport and Highways (MoRTH).”

The company will be in charge of upgrading the current six-lane road in Gujarat, including an elevated corridor based on site needs, from km 0/00 to km 10/170 of NH 47 (Narol Junction to Sarkhej Junction), using the hybrid annuity model (HAM). 

The Ministry of Road Transport and Highways has instructed the company to complete the project in 2.5 years or 29 months.

Road, bridge, flyover, and other infrastructure contract works are among the engineering, procurement, and construction (EPC) activities carried out by HG Infra Engineering.

Earlier last month it was chosen as the lowest bidder (L-1) for a project by the Ministry of Road Transport and Highways (MORTH). The project is expected to cost Rs 898.5 crore, according to MORTH. However, the cost of HG Infra’s offer was Rs 763.11 crore.

At 12:43 pm, the shares of HG Infra were trading 3.30% higher at Rs 1,635 on NSE.

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