On 16 August 2024, shares of infrastructure construction company Ceigall India surged by as much as 5.25%, reaching an intraday high of Rs 392.30 per share. The increase in share price followed the company's announcement that it had secured a letter of acceptance (LoA) after emerging as the lowest bidder for the Bhubaneswar Metro project, awarded by the Delhi Metro Rail Corporation Limited. The project is valued at Rs 8.9 billion, according to a company statement.
In a filing with the exchange, Ceigall India expressed its pleasure at receiving the Letter of Acceptance dated 14 August 2024 for the Bhubaneswar Metro project from Delhi Metro Rail Corporation Limited. The company will be responsible for part of the design and construction of an elevated viaduct and six elevated stations, namely Nandan Vihar, Raghunathpur, NandanKanan Zoological Park, Barang Station, Phulapokhari, and Trisulia Square (excluding architectural finishing), covering a stretch from chainage 15,095.240 metres to 26,052.770 metres, and including a ramp for depot entry as part of Bhubaneswar Metro Phase-I MRTS.
Ceigall India further stated that the order is to be completed within 36 months from 20 August 2024. The company also mentioned that last week it had emerged as the H-1 bidder for the development of Kanpur Central Bus Terminal and the L1 bidder for the Bhubaneswar Metro Project - Phase I, with the combined value of both projects totalling Rs 10 billion.
Ceigall India Limited, founded in 2002, is an infrastructure construction company with expertise in specialised structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.
By July 2024, the company had completed over 34 road and highway projects, which include 16 EPC, one HAM project, five O&M projects, and 12 Item Rate Projects. The company's order book as of 30 June 2024, and for the fiscal years 2024, 2023, and 2022, stood at Rs 94 billion, Rs 92.25 billion, Rs 108 billion, and Rs 63.46 billion, respectively.
At 12:55 PM on 16 August 2024, shares of Ceigall India were trading 5.54% higher at Rs 393.35 per share, while the BSE Sensex was trading 1.20% higher at 80,051.79 points.
