HCC gains 7 per cent on bagging contract worth Rs. 737 crore

The share price of construction firm Hindustan Construction Company surged by over 7 per cent in the intraday trade on Wednesday as the company bagged a contract worth Rs. 737 crore from Russia’s state nuclear company, JSC Atomstroyexport.

HCC in joint venture with MAX Group in Bangladesh bagged the contract from Russia’s state nuclear company. The contract will include civil works of Turbine Island for Unit 1 of Rooppur Nuclear Power Plant. The power plant located 190 km northwest of Dhaka will be constructed with Russian technology and will have two WER Reactors of 1,200 MW each. The company owns 40 per cent shares in the joint venture.

The construction company posted a 9 per cent hike in its revenue to Rs. 4,575.08 crore in the fiscal year 2018 on a year-on-year basis. The net profit of the company also increased by over 30 per cent to Rs. 77.53 crore in the fiscal year 2018 as against Rs. 59.41 crore in the fiscal year 2017.

During Wednesday’s trade, the stock hit an intraday high of Rs. 15.10 per share and an intraday low of Rs. 14.09 per share on BSE. The stock had hit its 52-week high of Rs. 45 per share on December 22, 2017 and its 52-week low of Rs. 13.96 per share on June 5, 2018, respectively.

At 1440 hours IST, the stock was trading at Rs. 14.52 per share, up by 3.05 per cent on Wednesday on BSE. Meanwhile, the Indian benchmark index S&P BSE Sensex was trading at 35,053.60 level, up by 0.43 per cent.