Ceigall India shares fell 4.29% on 8 July, despite touching a day high of Rs 380.80 on the NSE, even after a new road contract win.

Ceigall, along with its partner Sushee Infra & Mining, has emerged as the lowest bidder for a highway project worth Rs 704.70 crore. The contract has been awarded by the Ministry of Road Transport and Highways.

In this joint venture, Ceigall holds a 74% stake while Sushee Infra & Mining holds the remaining 26%. The project involves building a stretch of road in Arunachal Pradesh, specifically the Lada-Sarli section of NH-913, also known as the Frontier Highway.

The work covers roughly 82 kilometres and will take four years to complete, followed by a five-year maintenance period. This is not an isolated win either.

Just a day earlier, Ceigall received the formal go-ahead to begin construction on three separate highway projects worth a combined Rs 4,050 crore, spread across Jharkhand and Madhya Pradesh.

The company has also been active on the bidding front recently, having emerged as the lowest bidder for a Delhi road project worth over Rs 330 crore last week.

Despite this steady stream of order wins, the stock has not reacted positively today. One possible reason is that investors may already be factoring in Ceigall’s strong order pipeline, so a single new win does not move the needle much on its own.

Even after today’s fall, the stock is still up close to 32% over the past year. It’s trading at Rs 364.60 as of 2:32 pm, down 3.81% for the day, the stock is still trading well below its 52-week high of Rs 405.70.

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