Reliance Infrastructure shares went by by 15% intraday on June 26 after receiving big EPC contract to build Versova-Bandra Sea Link in Mumbai.
The stock was quoting at Rs 58.80, up Rs 6.90, or 13.29 percent on the BSE at 1227 hours IST.
The Anil Dhirubhai Ambani Group company has bagged Versova-Bandra Sea Link Project (VBSL) worth Rs 7,000 crore from Maharashtra State Road Development Corporation (MSRDC) in Mumbai.
“We are fully geared to deliver the project in 60 months from the appointed date of June 24, 2019 as per the contract,” the company said.
VBSL is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km, it added.
For the project, Reliance Infrastructure said it has already completed the works related to soil investigation, in partnership with Fugro Ltd, and engineering design, in partnership with Dar Al Handasah.
MSRDC is expected to finalise the location of the casting yard for the work to start on the project, it added.
Meanwhile, the promoter also released a pledge on 1.8 lakh equity shares from STCI Finance Limited.