RPP Infra Projects surges 5% on bagging Rs 94.13 crore order

RPP Infra Projects stock price surged 5% in the early trade on March 19 following the announcement of securing a substantial order worth Rs 94.13 crore from the State Industries Promotion Corporation of Tamilnadu Limited (SIPCOT).

As of 10:32 am RPP Infra Projects stock’s shares were trading at ₹110.75, 4.98% higher on NSE.

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The company received a letter of acceptance seeking to form Northern, Western and Eastern Side Internal Roads(10.20 M & 30 M wide) Construction of RCC Drain, RCC Culvert, Minor Bridges, Providing Pipe causeway and Street Light arrangements in SIPCOT Industrial Park, Shoolagiri, Hosur Phase-IV.

In compliance with the contract, the company has been requested to remit a security deposit amount of Rs 1.4 crore, constituting 2% of the contract value, less the Earnest Money Deposit (EMD) already paid. The security deposit can be provided in the form of a demand draft or irrevocable bank guarantee, valid for the contract period plus one year, with an additional claim period for three months.

The company is required to execute and complete the work in the following and most appropriate manner within a period of 11 months from the date of handing over of the site.