Afcons Infrastructure: Afcons Infra's Shares Surge 4% After Winning ₹6,800-Crore Railway Project in CroatiaETInfra
Stock performance and outlook
Shares of Shapoorji Pallonji group firm Afcons Infrastructure rallied 3.7 per cent to their day's high of ₹434.45 on the BSE on Tuesday after the company announced it has emerged as the lowest bidder for a major railway project in the Republic of Croatia.The bid was awarded by HŽ Infrastruktura d.o.o. (HŽ Infrastructure Ltd) for the reconstruction of the existing track and construction of a second line on the Dugo Selo–Novska railway route . The project also includes overhead electrification and signalling & telecommunication work.The estimated contract value, excluding VAT, is €677 million (approximately ₹6,800 crore). The work will be executed on a BOQ/item-rate basis , with a scheduled completion period of 72 months from the commencement date post-award.Earlier in May, Afcons Infrastructure said it had received a letter of commitment for a civil and structural contract worth ₹175 crore from Reliance Industries for work at Jamnagar, Gujarat. The final value will depend on the actual work executed, as per the contract terms.On Monday, Afcons Infra shares ended 0.36 per cent higher at ₹418.70, tracking broader market gains. However, the stock has declined 17 per cent over the past six months and is down 22 per cent year-to-date.According to Trendlyne, the average target price for Afcons Infra is Rs 543, suggesting a potential upside of nearly 30% from current levels. Of the seven analysts covering the stock, most have a 'Strong Buy' rating.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
17 minutes ago
- The Hindu
India's first hydrogen-powered train coach successfully tested at ICF Chennai: Union Minister Ashwini Vaishnaw
Union Railway Minister Ashwini Vaishnaw on Friday (July 25, 2025) announced that the Indian Railways has successfully tested the country's First hydrogen-powered coach at the Integral Coach Factory (ICF) in Chennai. According to the Minister's social media X post, the country is working on a 1,200 horsepower hydrogen train, which will help India to place itself amongst the leaders in hydrogen-powered train technology ."First Hydrogen powered coach (Driving Power Car) successfully tested at ICF, Chennai. India is developing 1,200 HP Hydrogen train. This will place India among the leaders in Hydrogen powered train technology," Mr. Vaishnaw posted on 'X' .In 2023, Mr. Vaishnaw informed Rajya Sabha that Indian Railways has envisaged running 35 Hydrogen trains under "Hydrogen for Heritage" at an estimated cost of ₹80 crore per train and ground infrastructure of Rs 70 crore per route on various heritage and hill routes. Additionally, the Indian Railways has also awarded a pilot project for retrofitment of a Hydrogen Fuel cell on an existing Diesel Electric Multiple Unit (DEMU) rake along with ground infrastructure at the cost of ₹111.83 crores, which is planned to be run on the Jind-Sonipat section of Northern Railway. The running cost of a Hydrogen fuel-based train is not established in IR scenario. It is estimated that the initial running cost of the Hydrogen fuel train set will be higher, which will subsequently reduce with an increase in the number of trains. Further, the use of Hydrogen as fuel provides larger benefits in the direction of green transportation technology to support zero carbon emission goals as a clean energy source. Last year, in a significant step towards promoting sustainable transportation solutions, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, showcased India's advancements in green hydrogen mobility by demonstrating a hydrogen-fuelled bus powered by India's oil PSU Indian Oil to the Prime Minister of Bhutan, Shri Tshering Tobgay and his delegation.
Time of India
17 minutes ago
- Time of India
Phoenix Mills to buy CPP Investments' 49% stake in joint retail realty platform for Rs 5,450 cr
The Phoenix Mills Ltd is set to acquire a 49% stake in its joint venture, Island Star Mall Developers Pvt Ltd (ISMDPL), from CPP Investments for Rs 5,450 crore. This move will increase The Phoenix Mills' ownership in ISMDPL to 100%. The transaction, aimed at consolidating ownership in high-performing assets, will be completed over three years. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Phoenix Mills Ltd will buy a 49% stake in its joint venture firm Island Star Mall Developers Pvt Ltd (ISMDPL) from CPP Investments for Rs 5,450 crore as part of its growth present, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51 per cent and 49 per cent stake in ISMDPL, completion of this deal, the company's stake in ISMDPL will rise to 100 per cent from the current 51 per company develops retail-led mixed-use to a regulatory filing on Thursday, The Phoenix Mills, CPP Investments and ISMDPL have entered into an arrangement to provide an exit to CPP Investments from this company's board has approved this agreement."CPP Investments shall receive an aggregate cash consideration of Rs 5,449.16 crore from the company and/or ISMDPL," the filing amount will be paid to CPP Investments in four tranches over a period of three Phoenix Mills might acquire 49 per cent equity stake of CPP Investments in the ISMDPL, or the JV firm could choose from options like dividend, share buyback and selective capital total portfolio of ISMDPL is around 4.5 million sq ft. ISMDPL owns 'Phoenix MarketCity Bengaluru' while its three subsidiaries own mix-use development in Pune, Bengaluru and JV firm posted a turnover of Rs 919.73 crore during the last fiscal."The proposed transaction is aligned with the company's strategic vision to consolidate ownership in high-performing assets comprised in the ISMDPL platform, with a clear long-term growth trajectory and generate sustainable long-term value," The Phoenix Mills company's developments are spread across retail, hospitality, commercial offices, and residential asset classes across major cities.
Time of India
17 minutes ago
- Time of India
Subsidy on EVs below 40 lakh to be restored
The subsidy on electric vehicles (EVs) priced below Rs 40 lakh is set to be restored. At present, a subsidy of up to 15% is available only on EVs costing over Rs 40 lakh - a price point out of reach for the middle class. While chairing a high-level review meeting with officers from his department regarding the new MSME policy, industries and commerce minister Rao Narbir Singh on Thursday directed officials to restore the subsidy on electric vehicles to "provide relief to middle-class consumers", besides promoting eco-friendly transport. The minister emphasised that promoting green energy will be meaningful only if its benefits reach the common citizen. Haryana Electric Vehicle Policy 2022 offered a 15% subsidy (up to a maximum of Rs 6 lakh) on EVs priced between Rs 15 lakh and Rs 40 lakh. The subsidy ended on March 31, 2024 and the new policy focuses on electric two- and three-wheelers.
