“We are pleased to inform you that our company has received a Letter of Acceptance dated 9th October 2024 from Maharashtra Metro Rail Corporation Limited (Nagpur Metro Rail Project),” GR Infraprojects stated in a stock exchange filing.
The project spans 17.6 kilometers and includes special railway spans of 79 and 100 meters. Additionally, the contract covers a 1.14-kilometer, six-lane double-decker segment, featuring a vehicular underpass (VUP) as part of Reach-1A of the Nagpur Metro Rail Project’s Phase-2.
The project will be executed on an Engineering, Procurement, and Construction (EPC) basis and has a construction timeline of 30 months.
In September, GR Infraprojects emerged as the lowest bidder for this project under the second phase of the Nagpur Metro Rail Project (NMRP).
“Our company has emerged as the lowest bidder in the financial bid opening dated 23rd September 2024 for the tender invited by Maharashtra Metro Rail Corporation Limited, Nagpur (Maha Metro),” the company noted in a prior stock exchange filing.The company’s shares have surged 44% in 2024 to date and 32% over the past two years, with the company currently holding a market capitalization of Rs 15,813 crore.From a technical perspective, the stock’s relative strength index (RSI) stands at 48.8, indicating it is in neutral territory, with a MACD (moving average convergence divergence) of 13.7. The stock remains below its 5-day, 10-day, 20-day, and 100-day simple moving averages (SMA).
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)