Shares of HG Infra Engineering Ltd rallied 5% higher on 4 March after the company announced receiving LoA for Rs 447 crore from South Central Railway.

In its regulatory filing, the company said that it had received a Letter of Acceptance (LoA) from South Central Railway for the doubling of the railway track between Karanjgaon and Aurangabad stations for a total consideration of Rs 447.11 crore, which has to be completed within 30 months.

The filing added, “Doubling of Track between Karanjgaon station (Including) at kilometre (Km) 69.01(Ch 69010) & Aurangabad station (Including) at Km 113.15(Ch 113150) [i.e. (44.14 km)] including Electrification and Signalling works in connection with Aurangabad- Ankai Doubling Project in Nanded Division of South-Central Railway.”

Earlier on 1 March, the company was declared the lowest bidder by East Central Railway for 772.7 crore for an engineering, procurement, and construction (EPC) project.

On 21 November, the company transferred a 100% stake from the company to Highway Infrastructure Trust.

At 3:30 pm, the shares of HG Infra closed 0.49% higher at Rs 926.95 on NSE.