Sunil Hitech Engineers Up 8% On Bagging Order Worth Rs 474 Crore
Chirag Gothi / 19 Oct 2015
Sunil Hitech Engineers has been awarded two orders worth Rs. 474 crores in the State of Bihar from Ministry of Road Transport and Highways, Government of India on Engineering, Procurement & Construction (EPC) Mode. The order has been awarded to M/s Sunil Hitech - RCM JV and is a significant part of the National Highways Interconnectivity Improvement Project which is funded by World Bank.
Sunil Hitech Engineers (SHEL) has informed Stock Exchanges that it has been awarded Road EPC projects worth Rs. 474 crores in Bihar.
SHEL has been awarded two orders worth Rs. 474 crores in the State of Bihar from Ministry of Road Transport and Highways, Government of India on Engineering, Procurement & Construction (EPC) Mode. The order has been awarded to M/s Sunil Hitech - RCM JV and is a significant part of the National Highways Interconnectivity Improvement Project which is funded by World Bank.
"The orders include rehabilitation and upgradation to 2-lane/2 lanes with paved shoulders configuration and strengthening of Sitamarhi-Jaynagar-Narahia Section of NH-104 in the State of Bihar for Lot-I from 40 km to 79.40 km worth Rs 154.62 crore and Lot-II from 79.40 km to 156.50 km worth Rs 319.68 crore," as per BSE filing.
Commenting on the order wins Mr. Sunil Gutte, Managing Director of SHEL said, “With the receipt of these orders, we are continuing our strategy to diversify our orderbook which will improve our profitability.
The total Order book on Road Segment is now approx. Rs 1,000 crore comprising of 5 projects. The 4 large projects are: one in State of Karnataka worth Rs 122 crore, second in the State of West Bengal worth Rs 322 crore and the recently awarded 2 projects in the State of Bihar worth Rs 474 crore. All the projects are for Rehabilitation and Upgradation to 2-lane/2 lanes with paved shoulders configuration and strengthening from existing 2 lane which do not face any major land acquisition issues.
All the projects are awarded by MORTH and are funded by World Bank. The company is confident of executing the projects on a timely basis with good margins.
The scrip opened at Rs 279.90 and has touched a high and low of Rs 300.00 and Rs 279.10 respectively. Currently, the stock is trading at Rs 297 per share, up 7.53 per cent, on the BSE.
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