Innovision shares surge 18% on Rs 243.60 crore work orders from NHAI

Shares of Innovision soared as much as 18% on Wednesday to hit a day’s high of Rs 296 on the NSE after the company secured two work orders worth a combined Rs 243.60 crore from the National Highways Authority of India (NHAI) for toll collection and facility maintenance at highway fee plazas in Madhya Pradesh.

According to the first exchange filing, the company said it received a Letter of Award (LoA)/work order for engagement as a user fee collection agency through competitive bidding via e-tender for Pachwara fee plaza of NH-39, covering the four-laning of the Jhansi-Khajuraho section in Madhya Pradesh. The order also includes upkeep and maintenance of adjacent toilet blocks, including replenishment of consumable items.

The total commercial consideration of the order is Rs 24.52 crore. The company said no promoter, promoter group or group company has any interest in the entity that awarded the order.


Under the second order, Innovision has been appointed as a user fee collection agency through competitive bidding via e-tender for IDTL A and IDTL B fee plazas for the six-laning of the Indore-Dewas section of NH-3 in Madhya Pradesh. The contract also covers upkeep and maintenance of adjacent toilet blocks, including replenishment of consumable items.

The total commercial consideration of the second order is Rs 219.07 crore, and the contract has been awarded by a domestic entity. Both orders are to be executed over a period of one year.

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Earlier this month, Innovision received an LoA/work order worth Rs 48.25 crore for engagement as a user fee collection agency through competitive bidding at Mangapatnam Fee Plaza on the Tadipatri-Jammalamadugu route via Muddanur on NH-67 in Andhra Pradesh. The contract also includes upkeep and maintenance of adjacent toilet blocks, including replenishment of consumable items.

In August, the company received an LoA/work order for engagement as a user fee collection agency through competitive bidding at Manambadi fee plaza on the Sethiyathope-Cholapauram section of NH-36 in Tamil Nadu. The contract, which also covers upkeep and maintenance of adjacent toilet blocks, was worth Rs 30.36 crore.

Over the past month, the stock has declined 1.84%, while it is down nearly 25.29% so far this calendar year.

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