HG Infra Engg stock surges 5% after subsidiary acquires new solar power cos | News on Markets
Shares of civil construction firm HG Infra Engineering rose as much as 5.12 per cent on BSE at Rs 1644.15 per share on Monday’s intraday trade. This came after the company’s subsidiary HG Green Energy acquired 49 per cent of the total paid-up share capital of UVSE Project group companies in the form of equity Shares on September 13, 2024.
HG Green Energy has acquired a total of 11 entities of UVSE Project going by the names of UVSE Project Three, UVSE Project Four and UVSE Project Five among others.
In each of the 11 entities, HG Green Energy has invested about Rs 49,000, the company said in an exchange filing. The entities will carry out business in the field of solar power.
HG Infra Engineering is engaged in engineering, procurement and construction (EPC) business including maintenance of roads, bridges, flyovers and other infrastructure contract works.
Last week, HG Infra Engineering had bagged two work orders one each from Central Railway and Ministry of Road Transport & Highways (MoRTH) for Rs 716 crore and Rs 781 crore, respectively.
In the past two weeks shares of HG Infra have appreciated by 5.2 per cent against an 0.37 per cent rise in BSE Sensex. Meanwhile, in the last six months, shares have zoomed 81.8 per cent versus a 14 per cent rise in BSE Sensex.
Q1 financial performance
HG Infra’s revenue or topline grew 13 per cent annually to Rs 1,528 crore in Q1FY25, from Rs 1,351 crore in the same quarter a year ago (Q1FY24).
The company’s net profit jumped over 8 per cent Y-o-Y to Rs 162.6 crore in the June quarter of FY25, from Rs 150.4 crore in the same quarter last year (Q1FY24).
The 52-week high of HG Infra share is Rs 1,880 while its 52-week low is Rs 806 apiece.
The company has a total market capitalisation of Rs 10,550 crore. Its shares are trading at a price to earnings multiple of 17.99 times with an earning per share of Rs 86.95.
At 12:23 PM, the HG Infra shares were trading 3.51 per cent higher at Rs 1618.90. In comparison, the BSE Sensex was trading 0.05 per cent lower at 82,846 levels.
First Published: Sep 16 2024 | 12:34 PM IST
