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Welspun Enterprises rises as its agrees to take over HAM Project form Calicut Expressway
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Welspun Enterprises is currently trading at Rs. 119.95, up by 1.50 points or 1.27% from its previous closing of Rs. 118.45 on the BSE.
The scrip opened at Rs. 118.70 and has touched a high and low of Rs. 121.50 and Rs. 116.50 respectively. So far 21937 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 134.90 on 08-Mar-2021 and a 52 week low of Rs. 33.35 on 25-Mar-2020.
Last one week high and low of the scrip stood at Rs. 122.35 and Rs. 104.00 respectively. The current market cap of the company is Rs. 1791.21 crore.
The promoters holding in the company stood at 50.21%, while Institutions and Non-Institutions held 6.26% and 43.53% respectively.
Welspun Enterprises has agreed to take over a Hybrid Annuity Mode Project (HAM) i.e. Six-Laning of Existing Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in the state of Kerala (the Project) from Calicut Expressway (existing Concessionaire) through the process of Harmonious Substitution of the National Highways Authority of India (NHAI).
The proposal of Harmonious Substitution has been submitted by the existing Concessionaire to the lenders of the project and the proposal is subject to NHAI approval. The Appointed Date for the Project has been declared by NHAI. The original Bid Project Cost of the Project, of 28.4 Kms length, is Rs 1,710 crore. The current estimated Bid Project Cost with price index escalation is over Rs 1,900 crore, and the first-year Operations and Maintenance is Rs 6.30 crore. The Project is proposed to be undertaken by a wholly-owned subsidiary of the company.
With this addition, the company has got 8 HAM projects worth approximately Rs 11,800 crore out of which 3 projects worth nearly Rs 3,400 crore have achieved COD/PCOD and others are in advanced stage of implementation. Additionally, 1 BOT project of Rs 2,122 crore is also in advanced stage of implementation.
Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in Oil & Gas Exploration.
