Welspun emerges lowest bidder for NHAI project, gains 11 per cent

Welspun Enterprises ascended over 11 per cent on the bourses intra-day on Thursday after the company  emerged as the lowest bidder for a project in Tamil Nadu. 

The company notified the exchanges that National Highways Authority of India (NHAI) opened the bid for four laning of Sattanathapuram to Nagapaftinam section of NH-45A in Tamil Nadu under NHDP Phase-W on Hybrid Annuity Mode and the consortium led by the company has emerged as the lowest bidder for the project, on Wednesday. The company’s bid price for the said project was Rs. 1,837.32 crore. 

However, Welspun added that it is yet to receive any formal communication on the matter from NHAI. 

At 12:27 hours, Welspun Enterprises was trading at Rs. 170.80 per share, up Rs. 17.55 or 11.45 per cent on NSE. The stock open at Rs. 155.40 and touched an intraday high of Rs. 171.80 on NSE. The scrip has a 52-week high of Rs. 197.65 and a 52-week low of Rs. 84.35 per share on NSE. The stock attracted a trading volume of 19,54,395 shares on NSE.