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GR Infraprojects Wins ₹903.5 Crore Nagpur Metro Phase-2 Contract

24 Sep 2024 , 12:39 PM

GR Infraprojects Ltd. emerged as the lowest bidder for a project in the second phase of the Nagpur Metro Rail Project (NMRP), as announced on September 23, 2024.

The company secured a ₹903.5 Crore contract from Maharashtra Metro Rail Corporation Limited (Maha Metro) for the design and construction of a 17.624 km elevated metro viaduct.

The project includes a double-decker section with a 1.14 km vehicular underpass and railway spans measuring 79 meters and 100 meters.

At the time of writing on September 24, 2024, at 12:37 pm, GR Infraprojects Ltd is trading at ₹1694.50, reflecting a 1.71% gain from the previous closing price. Over the past year, GR Infraprojects Ltd stock has witnessed a 36% gain, and it has gained 49% since the beginning of the current year.

The contract covers reach-1A of Nagpur Metro’s phase-2 expansion and will be executed under the engineering, procurement, and construction (EPC) mode. GR Infraprojects has a 30-month timeline to complete the project.

The financial bid for the project was opened on September 23, 2024, where GR Infraprojects emerged as the winning bidder due to its competitive pricing.

GR Infraprojects made its stock market debut in July 2021, listing at a 105% premium to its issue price of ₹837 per share, though the stock has since corrected.

Mutual funds hold a 15.56% stake in the company, with SBI Large & Midcap Fund holding 6.79%, followed by UTI Large & Midcap Fund, Kotak MF, DSP MF, and ICICI Prudential MF.

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