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Afcons Infrastructure shares jump 6% after ₹700 crore LoA from RIL

Shares of Afcons Infrastructure Ltd gained nearly 6 per cent in Monday's intraday session after the company bagged a ₹700 crore Letter of Award (LoA) from Indian conglomerate Reliance Industries. The civil construction company's stocks rose as much as 5.8 per cent during the day to ₹460 per share, the biggest intraday gain since May 13 this year. The stock pared gains to trade 2 per cent higher at ₹445 apiece, compared to a 0.35 per cent advance in Nifty 50 as of 9:40 AM. Shares of the company extended gains to their third day and have risen over 8 per cent from their recent lows of ₹420, which it earlier this month. The counter has fallen 18.5 per cent this year, compared to a 6.1 per cent advance in the benchmark Nifty 50. Afcons Infrastructure has a total market capitalisation of ₹16,292.86 crore. Track LIVE Stock Market Updates Afcons Infra's ₹700 crore LoA from RIL Afcons Infrastructure has received a LoA from the oil-to-telecom conglomerate Reliance Industries for construction works related to RIL's Vinyl Projects at Dahej, Gujarat. The scope includes civil, mechanical, installation, testing, and commissioning works, according to an exchange filing. The estimated value of the contract is around ₹700 crore, excluding GST, with completion targeted by the end of June 2026. Late last month, Investec, in a report, said that Larsen & Toubro (L&T) and Afcons Infrastructure are emerging as major players in West Asia's infrastructure boom, securing billion-dollar contracts as project awards in the Gulf Cooperation Council (GCC) region surge to $235 billion in 2024. Afcons Infrastructure is set to make a strategic leap with its bid for the $22 billion Dubai Sewerage Project. The project includes the construction of 75 kilometres of deep tunnels, 220 kilometres of link sewers, and two main treatment plants. About Afcons Infrastructure Established in 1959 and headquartered in Mumbai, the company is a prominent player in the multinational construction and engineering industry. As a subsidiary of the Shapoorji Pallonji Group since 2000, Afcons specialises in infrastructure EPC (Engineering, Procurement, and Construction) projects, including bridges, flyovers, metros, railway lines, tunnels, highways, ports, marine works, and oil and gas structures. The company has been instrumental in significant projects such as the Mumbai–Nagpur Expressway and the Chenab Rail Bridge. Afcons is recognized for its innovative practices, being the first infrastructure company globally to win the Most Innovative Knowledge Enterprise (MIKE) Award at the Global, Asia Pacific, and India levels.