Reliance Infrastructure share price jumps over 6% on Rs 7000 crore order win

Reliance Infrastructure share price rallied over 6 per cent on Monday after the company and Astaldi S p A (Italy) in a joint venture bagged Rs 7,000 crore order for construction of the second sea link in Mumbai. Reacting to the development, the stock surged 6.24 per cent to end at Rs 448.40 on BSE. 

During the day, the stock soared 7.81 per cent to Rs 455.05. At NSE, shares of the company jumped 6.20 per cent to close at Rs 449.60.

In terms of equity volume, 4.65 lakh shares of the company were traded on BSE and over 48 lakh shares changed hands at NSE during the day.

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The JV has bagged the engineering, procurement and construction (EPC) contract for Versova-Bandra sea link, Reliance Infra said in a BSE filing.

"The letter of award (LoA) for the project has been issued by Maharashtra State Road Development Corporation (MSRDC). RInfra-Astaldi JV had emerged the most competitive bidder with bid of Rs 6,993.99 crore," it added.

Reliance Infrastructure-Astaldi S.p.A JV had emerged the most competitive bidder with their bid of Rs 6,993.99 crore. The other bidders in fray were L&T-Samsung JV and Hyundai Development Company-ITD JV. The tender for the construction of second sea link in Mumbai on EPC-basis was floated by MSRDC.

With a length of 17.17 km, Versova-Bandra Sea Link is three times the length of the existing Bandra-Worli Sea Link, which is 5.6 km. 

“Our JV with Astaldi S.p.A, the third biggest construction player in the world in bridges with an order backlog of over Rs. two lakh crore, will help us create a truly world class mega infrastructure project for Mumbai,” said Reliance Infrastructure Limited EPC CEO, Arun Gupta.