Shares of Ahluwalia Contracts (India) Ltd climbed 18 per cent in Friday's trade after the company said it has bagged an order from Airports Authority of India (AAI) for Darbhanga Airport. The Rs 572 crore order is for construction of a new terminal building, allied structure and external development works on engineering procurement and construction (EPC) model.
The development of the new civil enclave at Darbhanga Airport at Bihar would take 24 months to execute, Ahluwalia Contracts said in a BSE filing. Following the development, the stock climbed 17.87 per cent to hit a high of Rs 1,540 on BSE. With this, the stock is up 89 per cent for 2024 so far.
Ahluwalia Contracts' FY25 margins are expected to exceed 10 per cent, Arihant Capital Markets said on May 31. The June quarter was expected to remain sluggish due to labor shortages and monsoon season.
Ahluwalia Contracts was aiming to increase private sector revenue share with high-quality clients, the brokerage noted, adding that a total of Rs 4,000 crore worth of projects were to be awarded, including 3 government and 1 private (gems and jewelry park).
The unexecuted order book for Ahluwalia Contracts stood at Rs 11,179 crore at last count, which would be executed over 24-30 months. The company is targeting Rs 2,000-3,000 crore in new orders for FY25.