Shares of Atlantaa Ltd surged 20% on 1st October. This occurred after the infrastructure firm introduced an settlement with IRCON Worldwide Ltd to assemble an expressway mission in Maharashtra.
In a regulatory submitting, Atlantaa Ltd said that it has signed a sub-contract settlement with IRCON Worldwide Ltd. The settlement is to hold out the development of the Bhandara–Gadchiroli Entry Managed Expressway (Bundle BG-03) on an EPC (Engineering, Procurement, and Building) foundation. The mission covers a stretch of 34.786 km. It runs from Sarandi Bk in Bhandara district to Kinhi in Chandrapur district.
The whole worth of the sub-contract is Rs 2,485 crore, plus relevant GST, as per the corporate’s disclosure.
Atlantaa clarified that the settlement has been signed in anticipation of IRCON receiving the ultimate award from the Maharashtra State Highway Improvement Company (MSRDC). The corporate added, “We’ll make additional disclosures, as could also be required, as soon as the mission is formally awarded to IRCON by MSRDC.”
At 3:30 PM, the shares of Atlantaa ended 20% increased at Rs 46.38 on NSE.
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