GR Infraprojects shares were trading 2% higher during the early trading hours on 2 January after the company announced receiving a LoI (letter of intent) from REC Power Development and Consultancy for a transmission project.

In its regulatory filing, the company said, “GR Infraprojects has been emerged as successful bidder and has received Letter of Intent from REC Power Development and Consultancy Limited for establishment of “Transmission system for Evacuation of Power from RE Projects in Rajgarh (1000 MW) SEZ in Madhya Pradesh‐Phase II”, which is a part of Inter‐State Transmission System Network, through Tariff Based Competitive Bidding Process (TBCB).”

The annual transmission charge of the project is Rs 41.97 crore and has to be commissioned within 24 months, along with an operation period of 35 years.

In December, the company had mutually settled the arbitral awards from the National Highways Authority of India for a total settlement award of Rs 41.38 crore for the project that involved the widening and strengthening of an existing two-lane carriageway to four-lane that included paved side shoulders of Harike-Zira-Faridkot section of NH-15, including the construction of Zira, Talwandi, Mudki bypasses in the state of Punjab in the EPC (engineering, procuring, and construction) mode under VHDP-IV.

The shares touched a 52-week high of Rs 1,381.60 on 07 August 2023 and a 52-week low of Rs 930 on 28 March 2023.

At 1:42 pm, the shares of GR Infraprojects had lost all their early gains and were trading 0.96% lower at Rs 1,122.45 on NSE.