Garuda Construction and Engineering | Business Upturn

Garuda Construction and Engineering shares surge 9% after securing largest-ever order worth Rs 1,087 crore

Aditya Bhagchandani — Thu, 16 Jan 2025 04:15:12 +0000

Garuda Construction and Engineering Limited’s (GARUDA) shares jumped nearly 9% today following the announcement of its record-breaking ₹1,087.34 crore contract win from the Gorakhpur Development Authority (GDA). The project involves constructing an International Convention Centre with a seating capacity of 5,000 and adjacent land development for residential and commercial purposes.

The project, spanning 24 lakh square feet near Ramgadh Jheel Champadevi Park, is expected to boost Garuda’s order book to ₹2,830 crore, doubling since its IPO in October 2024. The timeline for completion is set at 30 months, with approvals, including fire clearances, already secured.

Key Project Highlights:

Scope: International Convention Centre and adjacent land development.
Order Size: ₹1,087.34 crore.
Completion: 30 months.

Management’s Take: Pravin Kumar Agarwal, Managing Director, highlighted the company’s commitment to driving sustainable infrastructure projects across India.

This order positions Garuda strongly in the infrastructure sector and underscores its growing prominence in large-scale EPC projects. The shares were trading at ₹132.89, reflecting investor optimism.

GARUDA CONSTRUCT N ENG L Share Price history

Day	Open	Close	Change %
Wed, Jan 15 2025	₹128.51	₹122.86	-3.47%
Tue, Jan 14 2025	₹118.99	₹127.28	+7.24%
Mon, Jan 13 2025	₹127.49	₹118.69	-9.31%
Fri, Jan 10 2025	₹136.00	₹130.88	-4.89%
Thu, Jan 9 2025	₹146.88	₹137.61	-6.32%
Wed, Jan 8 2025	₹145.00	₹146.90	+3.33%
Tue, Jan 7 2025	₹128.76	₹142.17	+11.76%
Mon, Jan 6 2025	₹134.48	₹127.21	-4.90%

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Garuda Construction and Engineering secures largest-ever order worth Rs 1,087.34 crore from Gorakhpur Development Authority

Aditya Bhagchandani — Thu, 16 Jan 2025 04:13:32 +0000

Garuda Construction and Engineering Limited (GARUDA), a leading player in specialised EPC (Engineering, Procurement, and Construction) services, has announced its largest-ever order win. The company secured a ₹1,087.34 crore contract from the Gorakhpur Development Authority (GDA) to build a state-of-the-art International Convention Centre. The centre, spread over 24 lakh square feet, will include a seating capacity of 5,000 and adjacent land development for commercial and residential use.

This latest order significantly boosts Garuda’s order book, which now stands at ₹2,830 crore, doubling from ₹1,408.27 crore during its IPO in October 2024. The project is expected to be completed within 30 months, with necessary approvals already in place, including fire clearances.

Key Highlights of the Project:

Location: Near Ramgadh Jheel Champadevi Park, Gorakhpur.
Development Scope: International Convention Centre and adjacent land development.
Completion Timeline: 30 months.

Public sector orders account for two-thirds of the company’s portfolio, reflecting its expertise in handling large-scale infrastructure projects.

Management Commentary: Pravin Kumar Agarwal, Managing Director and Chairman of Garuda Construction and Engineering Limited, expressed pride in contributing to India’s growth through innovative and sustainable infrastructure solutions. He highlighted the company’s commitment to operational efficiency and excellence.

Garuda’s ongoing projects include the ₹704.61 crore Raptinagar Township & Sports City Development project, premium residential projects in Mumbai, and a boutique hotel in Bangalore.

This achievement underscores Garuda’s robust position in India’s infrastructure sector and its capability to execute complex projects, further solidifying its reputation as a trusted EPC partner.

Garuda Construction and Engineering IPO lists at ₹105, a 10.53% gain over issue price

Aditya Bhagchandani — Tue, 15 Oct 2024 04:35:07 +0000

Garuda Construction and Engineering Limited made its stock market debut on October 15, with shares listing at ₹105 on the NSE, representing a 10.53% gain over the issue price of ₹95.

Garuda Construction and Engineering IPO Details:

The IPO was open for subscription from October 8 to 10, 2024, with the allotment finalized on October 11.
The issue price was set between ₹90 and ₹95 per share, and the company raised ₹264.10 crore at the upper price band. This comprised a fresh issue of 1.83 crore equity shares, raising ₹173.85 crore, and an offer for sale of 0.95 crore shares worth ₹90.25 crore.
The IPO was subscribed 7.55 times overall.

Despite the Garuda Construction and Engineering IPO GMP (Grey Market Premium) signaling no premium ahead of the listing, the stock opened with a ₹10 per share gain.

As of 9:50 AM, Garuda Construction and Engineering shares were trading at ₹105 on the NSE, reflecting positive market sentiment for the newly listed stock.

Corpwis Advisors Private Limited acted as the book-running lead manager, while Link Intime India Private Ltd was the IPO registrar.

Garuda Construction and Engineering IPO to open on October 8: IPO size, price band, lot size and more

Aditya Bhagchandani — Sun, 06 Oct 2024 08:32:03 +0000

Garuda Construction and Engineering Ltd, a civil construction company, is set to open its initial public offering (IPO) on October 8, 2024. The IPO will close on October 10, 2024, with a price band fixed between ₹92 and ₹95 per share. The company aims to raise ₹264.10 crore through this offering.

Key IPO Details

Price Band: ₹92 to ₹95 per equity share
Issue Size: ₹264.10 crore, with a fresh issue of up to 1.83 crore shares amounting to ₹173.85 crore and an offer for sale of 95 lakh shares aggregating up to ₹90.25 crore.
Lot Size: Investors can bid for a minimum of 157 equity shares in one lot, and multiples thereof.
Allocation: 50% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs).

Utilization of Proceeds

The net proceeds from the fresh issue will be used for the following purposes:

₹100 crore towards working capital requirements.
The remaining balance will go towards general corporate purposes, including unidentified inorganic acquisitions.

Business Overview

Garuda Construction and Engineering is involved in civil construction projects, providing end-to-end solutions for residential, commercial, industrial, and infrastructure projects. The company also provides additional services such as operations and maintenance (O&M), Mechanical, Electrical, and Plumbing (MEP), and finishing works as part of its offerings.

Financial Performance

The company has shown consistent financial growth over the years:

Revenue: Increased from ₹77 crore in FY 2022 to ₹154 crore in FY 2024, at a CAGR of 26.03%.
Profit After Tax: Grew from ₹18.78 crore in FY 2022 to ₹36 crore in FY 2024, at a CAGR of 24.72%.
For the month ended April 2024, revenue stood at ₹11.87 crore, with profit after tax at ₹3.50 crore.

IPO Timeline

Allotment Date: Expected to be finalized on October 11, 2024.
Listing Date: Tentatively set for October 15, 2024, on both BSE and NSE.

Other Details

Grey Market Premium (GMP): Currently nil, indicating no premium in the unlisted market. However, GMP is subject to fluctuations and is an informal indicator.
Lead Manager & Registrar: Corpwis Advisors is the sole book-running lead manager, while Link Intime India is the registrar for the IPO.

Garuda Construction and Engineering’s IPO offers investors an opportunity to invest in a growing civil construction business with a diverse project portfolio and consistent financial performance.

Garuda Construction and Engineering gets SEBI nod for IPO

Markets Desk — Mon, 26 Aug 2024 13:16:58 +0000

Mumbai-based Civil Construction and Engineering firm Garuda Construction and Engineering Limited, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The company had filed its DRHP on 24th May 2024.

The IPO has a face value of Rs 5 and consists of a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50million equity shares by PKH Ventures (“Promoter Selling Shareholder”).

The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.

The proceeds from the fresh issue, to the extent of Rs 100 crore for funding the working capital requirements; and general corporate purposes including unidentified inorganic acquisition.

Garuda Construction and Engineering provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure, and industrial projects and additional services for infrastructure and also hospitality projects, wherein, civil construction includes the construction of residential, hospitality, industrial, infrastructural, and commercial buildings, construction of concrete building structures and composite steel structures that are required for the civil construction. It provides additional services for infrastructure and also hospitality projects.

The Company’s capabilities include constructing concrete building structures as well as composite steel structures. In addition, it also provides O&M and MEP services and finishing works as a part of its construction services, offering complete civil construction and additional services under its banner.