Stock Below Rs 250: Real Estate Stock Bags Rs 175 Crore Contract for Ritz Carlton Project; Check Details
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Puravankara's wholly owned subsidiary Starworth Infrastructure & Construction Limited has received a Letter of Intent from Red Connect Private Limited for civil and structural works for the Ritz Carlton Project at MRC Nagar, Chennai, with a contract value of Rs 175 crore excluding GST.
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On Friday, Indian equity benchmark indices traded higher, with the benchmark Nifty 50 index rising 20.15 points (0.08 per cent) to 24,252.00. Amid the market movement, Puravankara share price rose 1.35 per cent to Rs 219.36 after its wholly owned subsidiary Starworth Infrastructure & Construction Limited received a Letter of Intent for civil and structural works for the Ritz Carlton Project at MRC Nagar, Chennai, with a contract value of Rs 175 crore excluding GST.
Puravankara Subsidiary Bags Rs 175 Crore Project
Starworth Infrastructure & Construction Limited (SICL), a wholly owned subsidiary of Puravankara Limited, has received a Letter of Intent from Red Connect Private Limited for the execution of civil and structural works for the construction of the Ritz Carlton Project at MRC Nagar, Chennai. The contract value stands at Rs 175 crore, excluding GST.
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Download Service BrochureAccording to the company's disclosure, the project is a domestic contract and covers civil and structural works for the Ritz Carlton Project. The order is scheduled to be executed over a period of 32 months.
Contract Details
The Letter of Intent has been awarded by Red Connect Private Limited. The contract has a value of Rs 1,75,00,00,000, equivalent to Rs 175 crore, excluding GST. The project involves the execution of civil and structural works for the construction of the Ritz Carlton Project at MRC Nagar, Chennai.
The company has stated that the promoter, promoter group or group companies have no interest in the entity awarding the contract. It has also clarified that the order does not fall under related party transactions.
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Starworth Infrastructure & Construction
Starworth Infrastructure & Construction Ltd is a wholly owned subsidiary of Puravankara Limited. The latest Letter of Intent was received by SICL for the execution of civil and structural works for the Ritz Carlton Project in Chennai.
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Disclaimer: The article is for informational purposes only and not investment advice.