Shares of Ceigall India Ltd fell 2% on 23rd March after touching the day’s high of Rs 274.25. This occurred despite the company stating that its wholly-owned subsidiary, Ceigall Infra Projects Pvt Ltd (CIPPL), has emerged as the lowest (L1) bidder for a National Highways Authority of India (NHAI) project worth Rs 603 crore.

The update comes after financial bids for the project were opened on 20th March, 2026.

The project involves building a 10.3 km six-lane access-controlled road connecting NH-205A (Ambala–Chandigarh section) to the Zirakpur Bypass in Punjab.

It will be executed under the Hybrid Annuity Model (HAM), where the government and developer share project costs and risks.

The construction is expected to be completed in 18 months, followed by a 15-year operation and maintenance period.

The order is likely to strengthen Ceigall India’s order book and boost its position in the road infrastructure segment.

Earlier this week, the company also emerged as the L1 bidder for two Punjab Infrastructure Development Board projects in Ludhiana worth Rs 108 crore and Rs 99 crore. These projects have an 8-month construction timeline and a 6-year maintenance period.

At 1:20 PM, shares of Ceigall India were trading 2.01% lower at Rs 265.05 on the NSE.

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