KNR Constructions jumps 16% in 2 days on Rs 4,800 crore NTPC coal block order win
Shares of KNR Constructions surged 16% over the past two sessions after the company announced a major order win worth Rs 4,800 crore from Patratu Vidyut Utpadan Nigam, a subsidiary of NTPC. The contract pertains to the development and operation of the Banhardih coal mining block located in Jharkhand.
On Thursday, June 26, KNR Constructions' stock rose nearly 5% to ₹242.09 on the NSE. This follows an 11% jump in Wednesday's trade, when the stock hit an intraday high of ₹235.85. The company's market capitalization now stands at Rs 6,716 crore.
The Rs 4,800 crore project will be executed by a joint venture between KNR Constructions and Harsha Constructions, where KNR will operate 74% of the mining block. The project timeline includes an initial development period of 360 days followed by a five-year operational phase. The coal block holds reserves of approximately 34.50 million tonnes.
The stock momentum comes despite KNR reporting a 61% decline in net profit to Rs 248 crore for the March quarter. Analysts suggest that the large order provides visibility for future revenue and earnings recovery.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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