Afcons Infrastructure Share Price Jumps After Securing Rs 1,274 Crore Dam Construction Project in Uttarakhand

Afcons Infrastructure, part of the Shapoorji Pallonji Group, saw its share price climb by 3.72% to reach an intraday high of Rs 506.80 on the NSE on November 22, 2024. The surge followed the announcement of a Rs 1,274 crore order received from the Uttarakhand Project Development and Construction Corporation Ltd.

Project Details: Uttarakhand’s Song Dam Construction

The project involves the construction of a 130.6-metre-high concrete gravity dam across the River Song in Dehradun, Uttarakhand. Afcons Infrastructure will undertake both civil and hydro-mechanical works under the project, which is scheduled to be completed within 60 months.

Key Milestone: Letter of Acceptance

Afcons Infrastructure disclosed that it received the Letter of Acceptance (LoA) for the project on November 21, 2024. The company was earlier declared the lowest bidder (L1) for the project on September 28, 2024. However, as the company got listed on November 4, 2024, prior intimation about the L1 status was not applicable.

Market Debut: A Quiet Listing

Afcons Infrastructure made its stock market debut on November 4, 2024, listing at a discount to its IPO price of Rs 463. The shares opened at Rs 430.5 on the BSE and Rs 426 on the NSE, reflecting a discount of 7.01% and 7.99%, respectively.

About Afcons Infrastructure

Afcons Infrastructure is a flagship company of the Shapoorji Pallonji Group, specializing in construction and engineering projects. With a significant presence in over 22 countries, it continues to expand its portfolio through landmark projects like the Song Dam in Uttarakhand.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.