Stock under ₹25 in focus after receiving ₹2,470 Cr order from Tata Power

During Thursday’s trading session, the shares of a company in the business of oil & gas exploration and production are in focus on BSE, after the company announced that its Joint Venture (JV) secured Rs. 2,470 crores order from Tata Power.

Price Movement

With a market cap of Rs. 4,475.6 crores, the shares of Hindustan Construction Company Limited hit an intraday high at Rs. 25.66, up by 2 percent, compared to its previous closing price of Rs. 25.16. The stock has delivered negative returns of nearly 21 percent over a one-year period, as well as around 9 percent returns in the last one month.

What’s the news

According to the latest regulatory filings with the stock exchanges, Hindustan Construction Company Limited (HCC) and Tata Projects Limited (TPL) in a 50:50 Joint Venture (JV) have been awarded a Rs 2,470 crore contract by Tata Power Company Limited.

This contract is for the construction of the Bhivpuri Off-Stream OpenLoop Pumped Storage Project (PSP) 1000 MW (2×333 MW + 2×167 MW), located at Karjat, Maharashtra. 

The project’s scope of work includes both Civil and H&M (Hydromechanical) components. These include the construction of the Coffer Dam, Intake Structure including gates & screens at the existing upper reservoir of Thokerwadi, Head Race Tunnels, Penstock, Surge Shaft, Pressure Shaft, Powerhouse, Tail Race Tunnel, Lower Intake Structures with gates and screens, a new lower reservoir with a GFRD Dam, adits, roads, drains, and various BOP (Balance of Plant) foundation and building structures.

Additionally, the scope encompasses other essential works for the project’s completion, including infrastructure development and the review and integration of electro-mechanical works.

Also read: PSU defence stock jumps 5% after receiving CCI approval for ₹7,000 Cr defence contracts

Previous Updates

17th March: HCC, in partnership with Tata Projects Limited (TPL), secured a Rs. 2,191 crores contract to construct an 8.65 km long corridor, which includes underground tunnels and stations, for Madhya Pradesh Metro Rail Corporation Limited (MPMRCL). HCC holds a 55 percent share in the joint venture, valued at Rs. 1,205 crores.

About the company

Hindustan Construction Company Limited is engaged in the engineering and construction of large infrastructure projects. The company has core competencies in the design, engineering, and execution of complex projects of national importance in the transportation, power, marine, water, and industrial sectors.

HCC has significantly contributed to India’s infrastructure, accounting for 26 percent of the country’s hydropower capacity, over 60 percent of its nuclear power generation capacity, 4,036 lane kilometres of roads and expressways, 395 bridges, and 360 kilometres of complex tunnelling. The company is currently executing five hydroelectric power projects, including the 1000 MW Tehri Pumped Storage System in Uttarakhand. 

Written by Shivani Singh

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