The RPP Infra Projects share was locked in a 5 percent upper circuit in the early trade on March 19 after the company announced receiving a Rs 94.13 crore order form State Industries Promotion Corporation of Tamilnadu Limited (SIPCOT).
At 9.26 am, RPP Infra Projects was quoting at Rs 109.30, up Rs 5.20, while there were pending buy orders of 73 shares, with no sellers available.
".... has received a letter of acceptance for a new project for formation of Northern, Western and Eastern Side Internal Roads (10.20 M & 30 M wide), Construction of RCC Drain, RCC Culvert, Minor Bridges, Providing Pipe cause way and Street Light arrangements in SIPCOT Industrial Park, Shoolagiri, Hosur Phase-IV at a contract price of Rs 94.13 crore (Incl of GST)," the company said in its release.
The company has been requested to remit the security deposit amount of Rs 1.4 crore (2 percent of contract value less EMD already paid for Rs 47,34,000) for the due fulfillment of this contract in the shape of demand draft / irrevocable bank guarantee with validity for contract period + one year and claim period for further three months as security deposit for the due fulfillment of this contract.
The period of completion of work will be 11 months from the date of handing over of the site.
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Failure to commence the work, produce security deposit, and to sign the agreement shall entail cancellation of work order with forfeiture of EMD paid by the company, SIPCOT added.
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