HCC surges 4% as JV bags major contract from Bangalore Metro Rail Corp. The company in the joint venture with URC Construction.
BANGALORE/MUMBAI: Hindustan Construction Company announced that the Company’s JV with URC Construction has been awarded a Rs 797.29 crore contract by the Bangalore Metro Rail Corporation. HCC’s share in the JV is 51% (Rs 406.61 crore). The project is to be completed in 36 months.
Shares of Hindustan Construction Company (HCC) surged 4.7 percent intraday Monday as its joint venture company has bagged an order worth Rs 798 crore. The company in the joint venture with URC Construction has been awarded Rs 797.29 crore contract by the Bangalore Metro Rail Corporation.
The company has 51 percent share in the joint venture which is approximately Rs 406.61 crore of the total contract value. The said project is to be completed in 36 months. The contract is for the construction of 6.34 Km long elevated corridor and 5 elevated stations between HSR Layout station and RV Road station. The five stations on this section are Central Silk Board, BTM Layout, Jayadeva Hospital, Ragigudda and RV Road. The contract also includes, the construction of road-cum-rail flyover, road widening and allied works.
This is a part of the fully elevated 18.82 km RV Road to Bommasandra section of the Phase II of Bangalore Metro Rail Project. The total length of Phase II is 72.095 km out of which 13.79 km is underground. This phase has 6 sections with 61 Stations out of which 12 stations are underground.
Arun Karambelkar, president & CEO-E&C of HCC said, “We are confident of completing the project well on time as we plan to go on with our task in a systematic and efficient manner.”
Shares of the company gained Rs 1.45, or 3.72%, to trade at Rs 40.45. The total volume of shares traded was 521,767 at the BSE (10.55 a.m., Monday). At 10:55 hrs Hindustan Construction Company was quoting at Rs 40.45, up Rs 1.45, or 3.72 percent on the BSE.