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HomeMarket NewsBig Order Win: Stock makes new post-listing high post ₹1,085 crore order from DRDO
Afcons will also design and build the concept for civil, mechanical, electrical, HVAC, ELV Systems, furniture and interiors and other associated works.
By Hormaz Fatakia January 3, 2025, 1:33:06 PM IST (Published)
Shares of Afcons Infrastructure Ltd., the newly listed unit of the Shapoorji Pallonji Group, gained as much as 6.5% on Friday, January 3, after the company announced an order win from the Defence Research and Development Organisation (DRDO).
The order, worth ₹1,085 crore, including GST, pertains to the augmentation of the Maritime Theatre Command (MTC), creation of SAF and workshop equipment for the shiplift facility at Visakhapatnam.
Afcons will also design and build the concept for civil, mechanical, electrical, HVAC, ELV Systems, furniture and interiors and other associated works.
The said order needs to be completed in over 36 months, the company said in an exchange filing.
Afcons Infrastructure has secured orders worth ₹19,000 crore up to September and expects additional inflows of around ₹5,000 crore for the remainder of the year, surpassing its initial guidance of ₹20,000 crore, the management told CNBC-TV18 in an interaction on November 26.
"In Maharashtra, over the last one year or so, they have done bidding of ₹60,000-70,000 crore, and we have bagged close to ₹8,000-10,000 crore, where we have already received the order, or we are L1 (lowest bidder). For some of the projects, the bids were not open," Jha said.
As of September 2024, the company’s total order book stood at over ₹34,000 crore.
Shares of Afcons Infra are off the highs of the day, currently trading 2.2% higher at ₹546.45. The stock made a new post-listing high of ₹570. The stock had traded at a discount to their IPO price of ₹463 before recovering.
