Welspun Enterprises soars on receiving completion certificate for road project in Maharashtra
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Welspun Enterprises is currently trading at Rs. 103.90, up by 2.90 points or 2.87% from its previous closing of Rs. 101.00 on the BSE.
The scrip opened at Rs. 102.50 and has touched a high and low of Rs. 103.90 and Rs. 101.10 respectively. So far 13558 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 109.95 on 01-Oct-2021 and a 52 week low of Rs. 69.00 on 12-May-2022.
Last one week high and low of the scrip stood at Rs. 103.90 and Rs. 97.35 respectively. The current market cap of the company is Rs. 1520.32 crore.
The promoters holding in the company stood at 53.52%, while Institutions and Non-Institutions held 4.58% and 41.91% respectively.
Welspun Enterprises has received completion certificate in respect of the Hybrid Annuity Model (HAM) project Two Laning of Road with paved shoulder under MRIP Package No. AM 2 under Public Works Circle, Amravati in the State of Maharashtra from PWD Maharashtra on July 30, 2022.
The Provisional Commercial Operation Date (PCOD) was earlier declared as November 11, 2021, with the first annuity payable six months later i.e. May 2022. The Completion Cost of the Project is around Rs 1,719.20 crore. The company has entered into definitive agreement for divestment of its holding in securities of Special Purpose Vehicles (SPVs) of operating road assets and the Project is part of the proposed divestment.
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.
