Welspun gains 2% after its arm inks pact with NHAI

The company will develop the project at a bid project cost of Rs2,004.51cr.

Dec 04, 2018 05:12 IST India Infoline News Service

Shares of Welspun Enterprises gained 2% in Tuesday’s morning session after its arm Welspun Sattanathapuram Nagapattinam Road inked an agreement with the National Highways Authority of India (NHAI) for a road project.

An agreement has been signed for four-laning of Sattanathapuram to Nagapattinam section on National Highway 45A in Tamil Nadu under NHDP Phase-IV on Hybrid Annuity Mode (HAM), the company said in a press note to the exchanges on Monday after market hours.

The company will develop the project at a bid project cost of Rs2,004.51cr. "The construction period is 2 years from the appointed date. The company has received a firm sanction letter from lenders for this project," the company added. 

Welspun Enterprises share price is currently at Rs112.15, up by Rs1.05 or 0.95% from its previous closing of Rs111.10 on the BSE.

The scrip opened at Rs113.05 and has touched a high and low of Rs114.80 and Rs112, respectively. So far, 2,58,340 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,647.87cr.

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