Penny stock HCC soars 5 per cent after landing a whopping Rs 3681 crore order for bullet train station!
The Bandra Kurla Complex (BKC) Bullet Train Station will have six platforms and each platform is approximately 414 m
The Indian benchmarks witnessed a catastrophic Tuesday, as the Nifty and Sensex plunged by nearly 0.70 per cent each. The damage was not limited to the big boys, as the broader market also suffered, with the Nifty Midcap and Small-Cap index losing 0.56 and 0.75 per cent, respectively. As bears took the reins, the advance decline ratio tilted firmly in their favor, with over 1500 stocks bleeding red and only 530 showing signs of life in green.
However, amidst this chaos, one stock managed to steal the spotlight on D-Street - the Hindustan Construction Company Ltd. (HCC). In the last half-hour of trading, the stock staged an impressive comeback, surging above the Rs 15 level, up by almost 5 per cent. The total trading volume for the day stood at nearly 3 crore shares, exceeding its previous trading session.
So, what was the key catalyst for this surprising up-move in the stock?
Hindustan Construction Company Ltd. (HCC), in a joint venture with Megha Engineering & Infrastructures Ltd (MEIL), has been awarded a Rs 3,681 crore contract by National High-Speed Rail Corporation Limited (NHSRCL) for the construction of the Bandra Kurla Complex Station of the 508.17 km long Mumbai-Ahmedabad High-Speed Rail.
HCC's entry into building a high-speed bullet train station represents a significant opportunity for the company to expand its portfolio and establish a foothold in the high-speed rail construction industry. This new project allows HCC to leverage its expertise in constructing large-scale infrastructure projects and apply it to a cutting-edge transportation system.
The Bandra Kurla Complex (BKC) Bullet Train Station will have six platforms and each platform is approximately 414 m, sufficient to accommodate a 16-coach bullet train. The station will have connectivity with the metro and road transport.
This station is the only underground station on the Mumbai-Ahmedabad High-Speed Rail corridor and it is planned at a depth of about 24 m below the ground level. The station will have a total of three floors. The station will be developed over a cumulative floor area of approximately 2,00,000 sqm and will house "state of the art" amenities including waiting areas, a business-class lounge, a nursery, restrooms, smoking rooms and information kiosks.
The BKC Bullet train station has been planned in a way that ample space is available for passenger movement and amenities at the concourse and platform level. Dedicated skylight provisions have also been made for natural lighting.
The contract also includes building a retrieval shaft on the eastern end for the removal of the tunnel boring machine (TBM), architectural finishing, all MEP works and testing and commissioning.