Ceigall India shares up 4% as arm emerges lowest bidder for ₹1,809 cr MP road project

Shares of Ceigall India Ltd rose 4% on Friday after the company announced that its wholly owned subsidiary, Ceigall Infra Projects Pvt. Ltd., has emerged as the lowest bidder for a ₹1,809-crore road development project in Madhya Pradesh.

According to the exchange filing, the subsidiary topped the financial bid opening for the Indore–Ujjain greenfield four-lane highway project, spanning 48.1 km and awarded by the Madhya Pradesh Road Development Corporation Ltd.

The project will be executed under the

Hybrid Annuity Model (HAM) and must be completed within 24 months. The bid cost stands at ₹1,089 crore, as per details in the filing.

This is the company’s second major project win this week. On Monday, Ceigall India announced that it had received a letter of intent from REC Power Development and Consultancy Ltd for establishing a 400/220 kV GIS substation at Velgaon through the tariff-based competitive bidding route.

Under that award, the company must furnish a contract performance guarantee of ₹9.35 crore within 10 days.

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At 2:39 pm on Friday, shares of Ceigall India Ltd were trading at ₹244.10, up 3.59% after hitting an intraday high of ₹248 on the NSE.