Ceigall India shares jump 4% on executing Rs 981 cr concession agreement with NHAI

Shares of the recently listed Ceigall India rallied over 4% today to Rs 359 as Ceigall Ludhiana Bathinda Greenfield Highway, the company’s subsidiary, has executed a concession agreement with the National Highways Authority of India (NHAI) for a project worth Rs 981 crore.

“In accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that 'CEIGALL LUDHIANA BATHINDA GREENFIELD HIGHWAY PRIVATE LIMITED, subsidiary of the company has executed the Concession Agreement with the National Highways Authority of India on 24th December 2024,” said the company in an exchange filing.

The project involves developing a 6-lane access-controlled Ludhiana-Bathinda Greenfield highway section of NH-754AD from the junction with Moga-Barnala Road (NH-703) as part of the Ludhiana-Ajmer economic corridor in the state of Punjab on Hybrid Annuity Mode under Bharatmala Pariyojna Phase-I (Package-2).

Earlier this month, the company informed that it had received a letter from the State Highways Authority of Jharkhand for the construction of 4 lane elevated road from near Sahajanand Chowk to near Judge Colony, Ranchi (approximate length 3 km) in the State of Jharkhand.

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The shares of Ceigall India have fallen by 11.5% in the last 3 months, but have increased by 6.7% in the last one month.

Technically, the stock is placed below all its significant exponential moving averages (EMAs), i.e, 10, 20 and 50 DEMA. On the relative strength indicator (RSI), the stock is currently oscillating near the 44 mark, which is considered as a mid-level on the indicator.

The shares of Ceigall India closed nearly 1% lower at Rs 344.50 on the BSE on Tuesday.

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