Shares of Ceigall India Ltd., a newly listed infrastructure company, gained as much as 7% to hit a day’s high of ₹366 during Thursday’s trading session.

The uptick in the stock price was seen after the civil construction company informed the exchanges that its arm Ludhiana Bathinda Greenfield Highway has executed the Concession Agreement with the National Highways Authority of India.

The cost of the project is ₹981 crore and it will be completed and operated within 24 months.

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) near village Tallewal to junction with Delhi-Katra Expressway (NE-5) near Ludhiana (Village Ballowal) (From km 30+300 to km 75+543) as a part of Ludhiana-Ajmer Economic Corridor in Punjab on Hybrid Annuity Mode under Bharatmala Pariyojna Phase-I (Package-2).
In a recent interview with CNBC-TV18, Managing Director and CEO Ramnik Sehgal said the company has already secured ₹4,000 crore worth of projects. He also discussed plans to bid for additional projects worth ₹15,000–20,000 crore in the near term.

The company has reduced its debt by 62% to ₹413 crore using IPO funds while maintaining healthy earnings before interest, tax, depreciation, and amortisation (EBITDA) margins across its business verticals.

Established in 2002, Ceigall India is an infrastructure construction company with expertise in specialised structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.

The firm has 18 ongoing projects, including 13 EPC projects and five HAM projects. These involve elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects, and multi-lane highways.

Ceigall India shares made their stock market debut on August 8 this year, during which the stock listed at a premium of 4% as against its issue price.

The company, which has a market capitalisation of ₹6,195 crore, has seen its shares decline up to 9% from its IPO price of ₹401. As of 10:35 am, the stock is trading 3.08% higher at ₹354.60 apiece on the NSE.