Shares of SEPC Ltd extended gains for the second straight day on the NSE on March 13. The stock has gained over 36 per cent on the NSE in two sessions. The stock has rallied after the company announced that it has executed an agreement with the ROSHN Group.
On March 13, SEPC shares gained over 14 per cent to trade at an intraday high of Rs 17.49 apiece on the NSE. Earlier on March 12, SEPC informed the exchanges that the company has executed a framework agreement with ROSHN Group which is based in Riyadh, Kingdom of Saudi Arabia (KSA) to carry out infrastructure works in the region. The company added that it has bid for undertaking infrastructure projects in three zones of Jeddah North, Phase 1A. The company added that the total consideration for the orders is SAR 893 million (approximately Rs 2200 crore).
The company added that the agreement is set to pave the way for the company to carry out infrastructure works in Saudi Arabia, particularly in the city of Jeddah. The framework agreement sets the stage for the potential execution of “Call-off Orders”, which are individual work orders for the specific zones outlined in the agreement. While the initial scope covers three zones, it is expected that SEPC will be awarded work in at least one of these zones based on the successful signing of the Framework Agreement.
Earlier on March 11, the company informed exchanges that it had changed the name of its wholly owned subsidiary Shriram EPC (FZE)” to “SEPC FZE”. The company added that the name change has been approved by the Sharjah Airport International Free Zone (SAIF Zone), Government of Sharjah.
“We would like to inform you that the name of our wholly owned subsidiary has been changed from “Shriram EPC (FZE)” to “SEPC FZE” as approved by the Sharjah Airport International Free Zone (SAIF Zone), Government of Sharjah,” the company said.
Shares of SEPC Ltd have gained over 1 per cent in a year on the NSE. On a year-to-date basis, the stock has declined over 20 per cent and in six months the stock has fallen over 47 per cent. In a month the company’s shares have surged nearly 2 per cent and in five days the stock has climbed more than 21 per cent.
At the time of writing, shares of SEPC Ltd traded at Rs 16.91 apiece on the NSE up by 10.93 per cent on the NSE.