Welspun Enterprises Ltd receives PCOD for NHAI project in UP/Haryana border

Welspun Enterprises Ltd has announced the receipt of PCOD w.e.f. October 31, 2020 in respect of project for 4-Laning of Gagalheri-Saharanpur-Yamunanagar (UP/Haryana Border) section of NH-73under Hybrid Annuity Model ('HAM') executed for National Highways Authority of India ('NHAI'). The project completion cost is around Rs. 1,354 crore. With this event, the Company is entitled to receive annuity payment from NHAI every six months in accordance with the provisions of HAM Concession.

This is the third HAM project completed by the Company, the first project also being the country's first HAM project - Delhi-Meerut Expressway Package-1. The Total project value which has now received COD/PCOD stands at approximately Rs. 3,316 crores.

Commenting on this development Mr. B.K. Goenka, Chairman, Welspun Group said, "We are extremely happy to share this news as it shows our commitment of achieving milestones within the timelines. The execution of this project strongly showcases our operational capabilities and the fact that Welspun has risen from the challenging environment. We are thankful to the Authorities for their guidance and support. We will continue to focus on our journey of excellence which will go a long way in creating long-term sustainable value for all stakeholders."

Shares of Welspun Enterprises Ltd was last trading in BSE at Rs.75.4 as compared to the previous close of Rs. 77.5. The total number of shares traded during the day was 13148 in over 292 trades.

The stock hit an intraday high of Rs. 77.75 and intraday low of 74.55. The net turnover during the day was Rs. 990331.

Source : Equity Bulls

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