Central Railway Awards ₹487-Crore Deal to GPT Infra

24 Apr 2024 , 10:15 PM

Following the company's announcement on Wednesday that it secured an order worth ₹487 Crore from Central Railway, shares of GPT Infrastructure surged 16%.

The construction company based in Kolkata said in a report to the stock exchanges that the joint venture unit of the company, of which GPT Infra owns a 26% part, has obtained the contract.

The project's scope includes building a new BG line in the Central Railway's Solapur division's Osmanabad section.

Following the encouraging news, GPT Infra shares jumped 16.17% to ₹199 per share on the BSE, an intraday high.

North Central Railway in Agra, Uttar Pradesh, awarded a ₹135 Crore contract to GPT Infraprojects' joint venture last month. The contract covered a range of construction-related duties for a railway project. 51% of the contract belongs to GPT Infra.

The order dealt with construction of minor bridges, subways, side drains, toe walls, and earthwork. For an Agra railway project, it also involved installing railway lines, moving supplies and doing other relevant tasks between designated locations.

The Principal Materials Manager of South Eastern Railway awarded a ₹64 Crore contract to the GPT Group's main company in July 2023.

GPT Infraprojects released standalone quarterly numbers in December 2023, showing a 27.74% growth in net sales to ₹246.08 Crore from ₹192.64 Crore in December 2022.

The December quarter's quarterly net profit was ₹15.02 Crore, a significant rise of 66.02% over the ₹9.05 Crore reported in December 2022.

In the field of building and completing infrastructure and civil projects, GPT Infraprojects is a dominant force. Among other things, it builds roads, bridges, train systems, and urban transit systems.

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