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Generic Engineering Construction and Projects Ltd secures orders of Rs. 273.92 crores

Posted On: 2018-09-24 13:50:21

Generic Engineering Construction & Projects Limited (BSE: 539407), among leading general Contracting companies in India, has been awarded multiple orders to the tune of Rs. 273.92 crores from established & reputed real estate developers and one from India's leading defence public sector undertaking. This marks the company`s first order from a government undertaking. The scope of work for the orders awarded is construction of residential buildings in Mumbai and Kalyan, Construction of security complex and civil & finishing work for a residential building.

The Company has received a single order of Rs. 215 crores from a reputed real estate developer for which the total built up area stands at 8 lakh sq. ft. The project work includes piling work and shell & core work. This is the largest single order, till date, that the Company will execute.

Apart from the above the Company has also received its first order from India's leading Defence public sector undertaking. This marks Company's entry into government contracts. The project work includes construction of security complex in Mumbai.

Commenting on the order, Mr. Manish Ravilal Patel, Managing Director, Generic Engineering Construction & Projects Limited said: "We are really excited about the new orders which will help us to grow in the right direction. One of these orders is the single largest order bagged by us till date. This is reflection of the quality work done by GENERIC and the recognition of its execution capabilities. We are also proud to share that we have received first order from India's leading Defence public sector undertaking. We expect this to open immense opportunities for us. Our endeavour is to concentrate on similar projects that will enable us to use our expertise and generate better returns for the Company. With these new order inflows, our current order book stands at Rs. ~824 crores, helping us to achieve our vision of becoming one of the premier companies in India. The entire team of GENERIC is excited and looking forward to start work on these prestigious projects. We have always focused on project execution and on increasing our operational efficiencies, which have been key to our success, and we are sure to replicate the same for all these projects as well."

Shares of Generic Engineering Construction and Projects Ltd was last trading in BSE at Rs.185 as compared to the previous close of Rs. 184.9. The total number of shares traded during the day was 42757 in over 395 trades.

The stock hit an intraday high of Rs. 185.65 and intraday low of 177.5. The net turnover during the day was Rs. 7781226.

Source: Equity Bulls

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