Shares of Ceigall India Ltd slumped 5% on 12 March despite the company’s joint venture with Sushee Infra & Mining Ltd (SIML) winning four road projects worth Rs 2,149.62 crore from the Ministry of Road Transport and Highways (MoRTH).

In its statement with the exchanges, the business stated that the projects will be carried out through a joint venture in which Ceigall India owns 74% and SIML owns 26%.

The contracts are for the development of numerous parts of Arunachal Pradesh’s National Highway 913 (Frontier Highway) from Sarli to Huri to Taliha.

The three new tenders have bid costs of Rs 611.10 crore, Rs 525 crore, and Rs 492.52 crore, respectively. The projects will be carried out in the Engineering, Procurement, and Construction (EPC) mode.

Previously, the business told the exchanges that the joint venture has emerged as the L1 bidder for another MoRTH project comprising the construction of the Huri-Taliha stretch of NH-913. The bid cost was Rs 521 crore.

Construction on the projects is planned to last 36 to 48 months, with a five-year maintenance term.

Ceigall India stated that the contracts were granted by a domestic firm and do not come under related party activities.

At 3:30 pm, the shares of Ceigall India closed 2.06% lower at Rs 271.60 on NSE.

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