Shares of Atlantaa Ltd hit a 20% upper circuit on Friday, 3 October, after the company announced signing a contract with IRCON International Ltd. worth Rs 2,485 crore. 

According to an exchange filing on Tuesday, the company has signed an agreement with IRCON International to develop the Bhandara-Gadchiroli Access Controlled Expressway in Maharashtra.

The project encompasses Package BG-03, which runs from km 34+750 at Sarandi Bk, Tq. Lakhandur, Dist. Bhandara to km 69+536 at Kinhi, Tq. Bramhapuri, Dist. Chandrapur, for a total distance of 34.786 km. The sub-contract is for Rs 2,485 crores, including GST, according to the announcement.

IRCON filed its offer for the project in accordance with all legal and tender conditions established by the Maharashtra State Road Development Corporation (MSRDC), and was deemed the lowest bidder (L-1) for the package.

The corporation is in the infrastructure development business, which includes road, highway, bridge, and runway construction, real estate development, and coal and limestone mining. The company’s business interests include engineering, procurement, and construction (EPC), PPP-based infrastructure development, and mining.

At 3:10 pm, the shares of Atlantaa were locked 20% higher at Rs 55.65 on NSE.

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