Hindustan Construction Company (HCC) shares rose almost 12 percent on Tuesday after the company informed the stock exchanges that its joint venture has won a contract, valued a project worth Rs. 2,500 crore from Mumbai Metro Rail Corporation Ltd.
The project entails construction of underground rail line and stations.
"The contract is for construction of 4,072 metre corridor of the underground metro line including four underground stations at Chatrapati Shivaji Terminus, Kalbadevi, Girgaon and Grant Road, and twin bored tunnels of total length of 3,115 metres. The project is to be completed in 55 months," HCC said in a regulatory filing to the Bombay Stock Exchange (BSE).
The contract will be executed by the joint venture between HCC and MMS of Russia.
The HCC stock rose to Rs. 23.40, a gain of 11.96 percent during the day but later shed losses to Rs.22.75, up 8.85 percent at around 2.05 p.m.
The S&P BSE Sensex was down 132 points at 27,147. Top Sensex losers were Bharti Airtel, GAIL (India), Tata Motors and Asian Paints.
Most of the auto and related sector stocks such as Ashok Leyland, Motherson Sumi Systems, Bharat Forge, MRF and Hero Motocorp were trading with losses.
Top gainers within the BSE500 index included Jaypee Group companies comprising JP Associates, JP infratech and JP Power Ventures.