Ircon International Ltd cancels tender awarded to H G Infra Engineering ltd

Ircon International Limited ('IRCON') has cancelled the tender of Gevrapendra/Pkg1 in the State of Chhattisgarh for the project 'Civil works including Earthwork for Railway formation, Blanketing work, Minor Bridges, Major Bridges, ROBs, RUBs, FOBs, Track linking works (including supply of Ballast but excluding supply of rails and sleepers), Station building and other service buildings, Staff Quarters, Platform Works including general electrical works between Gevra Road (0 Km) to Sendurgarh (67 Km) Double line and Urga (0 Km) to Kusmunda (11.51 Km) Single line in connection with the construction of New BG Electrified Double Railway Line for Chhattisgarh East West Rail Corridor from Gevra Road (Km 0) to Pendra Road (Km 135) via Dipka, Kathghora , Sendurgarh and Pasan in the State of chhattisgarh over South East Central Railway' due to "quoted/revised rate is high", for which the Company was declared L-1 bidder by Ircon International Limited.

The estimated project cost was Rs. 713.69 crore and the Company's bid price was Rs. 784.99 crore.

Clause 21 of part III (Instructions to Tenderers) of e-Procurement Document, the Employer/Engineer (the IRCON) reserves the right to accept, split, divide, negotiate, cancel or reject any tender or to annul and reject all tenders at any time prior to the award of the contract without incurring any liability to the affected tenderers or any obligation to inform affected tenderer, the grounds of such action.

In the event that the Authority rejects or annuls the bid, it may, in its discretion, invite all eligible bidders to submit fresh bids.

Shares of H.G. Infra Engineering Ltd was last trading in BSE at Rs.227 as compared to the previous close of Rs. 219.95. The total number of shares traded during the day was 34008 in over 3261 trades.

The stock hit an intraday high of Rs. 232 and intraday low of 219.1. The net turnover during the day was Rs. 7662235.

Source : Equity Bulls

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