Nila Infrastructures locked at 20% upper circuit on order to construct residential units

Nila Infrastructure’s share price was stuck at 20% in early trading September 6 after the company received an order from Shree Infracon Private Limited to build residential properties.
As of 09:23, Nila Infrastructure is trading at Rs 6.70, up Rs 1.11 on BSE and has a buy order of 325,009 pending shares with no sellers.
The company has been awarded the contract for the construction of 1,694 Residential Apartments (R.C.C. Works, Construction Works, Plaster Installation – Materials + Labor) at Ramapir No Tekro, Wadaj, Ahmedabad. Total estimated development cost is Rs 101.64 crore.
The order in question must be made within 18 months, while the warranty period for defects is 10 years for liability for structural and construction defects. In August, the company received a letter of acceptance from the Gujarat Housing Board for the construction of affordable housing. Under the agreement, the company will build 48 affordable Middle Income Group (MIG) housing units with a total development cost of approximately Rs 17.94 crore.
The stock hit a 52-week high of Rs 8.65 and a 52-week low of Rs 4.23 on November 30, 2022 and March 29, 2023.
Currently, the stock is trading 22.54% below its 52-week high and 58.39% higher than its 52-week low.