Generic Engineering wins orders worth Rs. 80.29 crore
Generic Engineering Construction and Projects Limited ("GENERIC") informed the exchanges on Friday that the company has received two orders from Mahindra Happinest Developers Ltd. and Milagro Infrastructure Private Ltd. for a contract value of Rs. 67.41 crore and Rs. 12.88 crore respectively.
In a press release, the company mentioned - the details of two orders are as follows:
- Order worth Rs. 67.41 crore for construction of residential project named "Happinest Kalyan" which includes 7 residential towers and Multi Level Car Parking. The project is to be executed in 18 to 24 months.
- Order worth Rs. 12.88 crore for construction of hotel "IBIS Styles" at Vagatore, Goa. The hotel building involves construction of Ground plus 3 Floors and constitutes 136 keys. The project is to be executed in 12 months.
After winning the orders, Mr. Manish Patel, Managing Director said, "We are pleased with the new orders especially as they come from reputed marquee brands in India. It also enables to mark our presence in new state i.e. Goa. Thus, we will now have footprint across four states in India. We feel proud as we were selected due to the strength of our technical and financial bids.”
He further added that the new order wins will help the company to further consolidate order book and establish leadership in the construction of projects where the ticket-size is between Rs. 25 crore to Rs. 100 crore. The management is confident on the growing execution capabilities of the company and expects the momentum of order inflow in residential, industrial and infrastructure sector to continue.
With receipt of above, the total work orders received during the FY20 (till date) amounts to Rs. 379.18 crore. The company’s gross order book stands at Rs. 1,500.93 crore.
On Friday, shares of Generic Engineering Construction and Projects Ltd closed in BSE at Rs.71.00 as compared to the previous close of Rs. 70.95. The stock hit an intraday high of Rs. 73.20 and intraday low of 69.60.