HG Infra secures contract from Road and Transport Ministry worth Rs 763-Crore Road Project in UP

HG Infra Engineering Ltd. has received a letter of acceptance from the Union Ministry of Road Transport and Highways for the improvement and upgrading of a two-lane road along National Highway 227B in Uttar Pradesh, as announced in an exchange filing on Tuesday.

The cost of HG Infra's bid for the project is Rs 763.11 crore, while the Ministry's estimated cost for the project is Rs 898.5 crore. The project involves the improvement and upgradation of the two lanes with paved shoulder configuration for the newly designated road from Bahuvan Madar Majha to Jagarnathpur.

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The project is to be executed under the hybrid annuity mode, and the construction is to be completed in two years, it added.

Shares of HG Infra closed 0.47% lower at Rs 1,454.15 apiece on the NSE, compared to a 0.04% decrease in the benchmark Nifty 50.

The stock has risen by 71.57% on a year-to-date basis and by 72.85% over the past 12 months. Out of the 16 analysts tracking the company, 15 have a 'buy' rating on the stock, and one suggests a 'hold', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 19.6%.

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