Halting the three-day fall, shares of Reliance Infrastructure Limited rose by 14.5 percent in trade on Wednesday to Rs 59.50 after the company informed the exchanges of winning a new construction project worth Rs 7,000 crore.
The exchange filing said that Reliance Infra won a Mumbai sea link construction project, that is the Versova-Bandra project, which is expected to be three times longer than the existing Bandra-Worli Sea Link and is scheduled to complete in 60 months time.
"Reliance Infrastructure Limited bags one of the largest EPC contracts from Maharashtra State Road Development Corporation (MSRDC), the prestigious Rs 7,000 crore Versova-Bandra Sea Link Project (VBSL) in Mumbai.
Reliance Infrastructure is fully geared to deliver the project in 60 months from the Appointed Date of June 24, 2019 as per the contract. VBSL is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km.
VBSL would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes. Mumbaikars can look forward to drastic savings in their fuel cost besides an eco-friendly travel with minimal carbon footprint," the Anil Dirubhai Ambani Group company said.
Meanwhile, on Tuesday, Business Standard reported citing sources that RInfra has lost its contracts worth Rs 567 crore from NTPC and these were re-tendered and awarded to GE. The reason for the re-tender was unclear.