Shares of Garuda Construction and Engineering Ltd skyrocketed 11% on Thursday, 9 October, after the company announced receiving work orders for Rs 143.96 crore from Orbit Ventures Developers for civil works pertaining to the redevelopment project “Shikhar-B” at Oshiwara, Mumbai.

The company’s current order book is roughly Rs 3,229.78 crore, including this new order.

According to the declaration, the project includes an EPC agreement for redevelopment, with a contract length of 36 months from the date of receipt of a further commencement certificate.  Payment terms are based on the allocation of allocated units.

The order was awarded by a domestic firm, Orbit Ventures Developers, and there are no related party transactions or promoter group interests. The contract will be executed exclusively in India, with the location being Oshiwara, Mumbai.

Garuda Construction and Engineering is a civil construction company that offers turnkey solutions for residential, commercial, residential cum commercial, infrastructure, and industrial projects, as well as extra services for infrastructure and hospitality projects.

In addition to civil construction, it provides operations and maintenance (O&M), mechanical, electrical, and plumbing (MEP) services, and finishing works as part of its construction services.

At 12:04 pm, the shares of Garuda Construction and Engineering were trading 6.92% higher at Rs 201.24 on NSE.

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