Sadbhav Infrastructure Project fell 3.49% to Rs 20.75, extending losses to third consecutive session.
The stock has decline 11.51% in three days from its recent closing high of Rs 23.45 on 7 December 2020.
During market hours yesterday, the construction company said that the National Highways Authority of India (NHAI) had issued a provisional completion certificate for 31.40 kms length (out of 42.791 km) with effect from 31 October 2019 for Sadbhav Rudrapur Highway (SRHPL), a wholly owned subsidiary of the company. Consequently, SRHPL is entitled to receive annuity payments w.e.f. 31 October 2019 from NHAI, the company said in a regulatory filing.
The provisional completion certificate is for a project that involves four-laning of about 43 kms of Rampur-Kathgodam section of National Highway 87 (NH-87) in Uttar Pradesh. The project was awarded to the company under the National Highways Development Programme-III (NHDP-III) on hybrid annuity mode.