Madhucon Projects bags Rs 196 cr order from NCL; shares surges

MUMBAI: Construction firm Madhucon Projects on Friday said it has bagged an order worth Rs 196.24 crore from Northern Coalfields (NCL) for an infrastructure-related work.

"Northern Coalfields has awarded the work of removal of over burden at its Jayant OCP (open cast project) for a contract price of Rs 196.24 crore," Madhucon Projects said in a filing to the Bombay Stock Exchange.

The project would be completed in a period of three years, it said.

Amid this announcement, shares of Madhucon Projects rose 5 per cent to hit its upper circuit limit of Rs 120.50 in the morning trade on the BSE.

The Andhra Pradesh-based Madhucon Projects is an infrastructure development company specialised in construction of highways, dams, canals, power projects and coal mines.

A week earlier, the company had secured a contract worth Rs 300 crore from the National Highway Authority of India for a road project in Rajasthan.