India's GR Infraprojects gains on making lowest bid for highways project

G R Infraprojects

15/06/2023 10:33

** Shares of G R Infraprojects  GINF.NS  rise as much as 4%
to 1,295.95 rupees
    ** The infrastructure developer emerges as the lowest bidder
in a tender invited by National Highways Authority of India
    ** Stock's trading volume at ~94,000 shares as of  1:25 p.m
IST, 3.5x the 30-day avg - Refinitiv data
    ** Project pertains to construction a four-lane bypass road
at a national highway in Uttar Pradesh; project cost at 10.85
bln rupees
    ** Of the 13 analysts tracking GINF, seven have "strong
buy," two "buy," three recommend "hold" and one rate it "strong
sell;" median TP is 1,391 rupees 
    ** Stock up 9.31% this year vs a 3.2% rise in Nifty 50
 .NSEI 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))