Shares of infrastructure companies were trading higher for the third straight trading sessions after the Cabinet on Wednesday approved an array of measures to help quickly resolve disputes, pump in liquidity and deal with stressed assets.
Hindustan Construction Company (HCC) is currently trading at Rs. 35.65, up by 2.90 points or 8.85% from its previous closing of Rs. 32.75 on the BSE. The scrip opened at Rs. 34.80 and has touched a high and low of Rs. 37.90 and Rs. 34.05 respectively. So far 10808085 shares were traded on the counter.
NCC is currently trading at Rs. 87.50, up by 1.75 points or 2.04% from its previous closing of Rs. 85.75 on the BSE. The scrip opened at Rs. 86.10 and has touched a high and low of Rs. 88.00 and Rs. 84.15 respectively. So far 734558 shares were traded on the counter.
IRB Infrastructure Developers is currently trading at Rs. 228.75, up by 1.70 points or 0.75% from its previous closing of Rs. 227.05 on the BSE. The scrip opened at Rs. 228.90 and has touched a high and low of Rs. 230.00 and Rs. 227.60 respectively. So far 60078 shares were traded on the counter.
The government has announced a package of measures to revive the construction sector, putting in place a mechanism to release funds stuck in arbitration awards to revive stalled projects, and promised a scheme to address stressed loans in the sector.
Under the new arrangement approved by the Cabinet Committee on Economic Affairs, government agencies would pay 75 per cent of the arbitral award amount to an escrow account against margin free bank guarantee in those cases where the award is challenged.
The 75 per cent amount released into an escrow account will have to be spent by the contractor in completing the project and in discharging the bank and financial institutions' dues, according to the rules. The move will help construction companies complete stranded infrastructure projects while lenders will see their loans serviced.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 3501.15 |
| Rail Vikas Nigam | 371.90 |
| NCC | 242.65 |
| KEC International | 952.65 |
| Kalpataru Projects | 1176.80 |
| View more.. | |
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