HCC jumps 7% on Rs 182-crore residential towers order

NEW DELHI: Shares of HCC surged nearly 7 per cent in Wednesday’s trade after the company said it had secured an order worth Rs 181.65 crore from the Department of Atomic Energy (DAE) for building highrise residential towers at Indira Gandhi Centre for Atomic Research at Kalpakkam in Tamil Nadu.

Following the development, the stock jumped 6.69 per cent to hit a high of Rs 40.65 on BSE.

This is the second order the company has bagged from DAE. Under the new project, the company will construct 7.5 lakh square feet of buildup area. The company said it would complete the work in 30 months.

The stock is in the news for some time on new measures approved by the Cabinet Committee on Economic Affairs, asking government agencies to pay 75 per cent of the arbitration award to the contractors in those cases, where it is challenged.

HCC has arbitration awards for over Rs 3,200 crore, while another Rs 5,000 crore worth of awards are in arbitration that the company believes would help it cut debt by at least half in 12 to 24 months.