Shares of GR Infraprojects jumped over 4 per cent to Rs 1,012 per share in Thursday's intra-day trade, after the company emerged as the L-1 bidder for a six-lane project worth Rs 872.17 crore in Maharashtra. In comparison, the S&P BSE Sensex traded 170 points lower at 58,045 levels, as of 9:55 am.
In the past one week, shares of this construction firm gained 1.7 per cent, as against 0.2 per cent rise in the S&P BSE Sensex. Earlier, the stock had hit a 52-week high of Rs 1,624 on June 18, 2022, however, it later nosedived to 52-week low of Rs 960 on March 22, 2023.
On Tuesday, March 22, the company successful secured order by National Highways Authority of India (NHAI) for six-laning of Surat-Nashik-Ahmednagar-Solapur-MH/KNT border greenfield stretch in Maharashtra, on hybrid annuity mode (HAM), under the 'Bharatmala Pariyojana' project.
While the project is estimated to be complete within 730 days from the appointed date, it is likely to commence operations in 15 years from commercial operation date.
Moreover, earlier this month, the company has also secured two other projects worth over Rs 1,800 crore.
On March 17, 2023, GR Infra emerged as the L-1 bidder for construction of tunnel and allied works of Khurda-Bolangir new rail line project in east coast railway. On the other hand, the company also secured order by NHAI to construct six-lane greenfield Varanasi-Ranchi-Kolkata highway in Bihar, on March 9, 2023.
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Analysts at Axis Securities believe that the company's robust pipeline in EPC (engineering, procurement, and construction) and HAM projects along with railways, ropeways, and T&D will enable the company to capture growth opportunities in the sector.
"With a robust order book and proven execution prowess, we expect the company to post revenues/EBITDA/PAT growth of 8 per cent/9 per cent/13 per cent CAGR, respectively, over FY22-24E," the brokerage firm added, with a 'buy' rating on the counter, and a target price of Rs 1,550 per share.
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