Shares of Atlantaa Ltd surged 20% on 1st October. This happened after the infrastructure company announced an agreement with IRCON International Ltd to construct an expressway project in Maharashtra.

In a regulatory filing, Atlantaa Ltd stated that it has signed a sub-contract agreement with IRCON International Ltd. The agreement is to carry out the construction of the Bhandara–Gadchiroli Access Controlled Expressway (Package BG-03) on an EPC (Engineering, Procurement, and Construction) basis. The project covers a stretch of 34.786 km. It runs from Sarandi Bk in Bhandara district to Kinhi in Chandrapur district.

The total value of the sub-contract is Rs 2,485 crore, plus applicable GST, as per the company’s disclosure.

Atlantaa clarified that the agreement has been signed in anticipation of IRCON receiving the final award from the Maharashtra State Road Development Corporation (MSRDC). The company added, “We will make further disclosures, as may be required, once the project is officially awarded to IRCON by MSRDC.”

At 3:30 PM, the shares of Atlantaa ended 20% higher at Rs 46.38 on NSE.

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