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)
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