Ceigall India Limited saw its stock climb more than 3% on Monday after the company confirmed that it has emerged as the lowest bidder for a major road construction contract awarded by the Greater Mohali Area Development Authority (GMADA).
In its exchange filing, the company said the project involves the development of internal roads across Pockets B, C and D of Aerotropolis in SAS Nagar. The work covers not just road building but also allied civil infrastructure, public health services and electrical installations designed to support the urban development of the region.
The project has been awarded at a cost of ₹509.20 crore including GST, against a project cost of ₹467.93 crore. The contract will be executed on an item-rate basis, with a construction phase of twenty-four months followed by a defects liability period of thirty-six months. Ceigall also noted that a performance bank guarantee of five percent has been stipulated as part of the terms of the contract.
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