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Welspun Enterprises rises 3% on signing concession agreement with PWD

Share price of Welspun Enterprises rose 3.6 percent intraday Friday after company’s subsidiary entered into concession agreement with Public Works Department, Government of Maharashtra.

Public Works Department, Government of Maharashtra and Welspun Road Infra, a wholly owned subsidiary of company executed the concession agreement for upgradation of roads/ two laning of roads/ two laning of roads with paved shoulder under MRIP package on hybrid annuity mode (HAM) under Public Works Circle, Amravati in Maharashtra state.

The subsidiary will develop the project at a bid project cost of Rs 1,460 crore and first year O&M cost of Rs 31.50 crore.

The construction period is 2 years from the appointed date and O&M period is 10 years after commercial operation date.

The trading window for dealing in the securities of the company by the insiders is closed till January 12, 2019.

At 10:36 hrs Welspun Enterprises was quoting at Rs 111.85, up Rs 2.85, or 2.61 percent on the BSE.

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