BUZZ-India's Nesco rises after winning highway infra tender
ReutersJan 7, 2025 5:30 AM
Shares of Nesco NSEN.NS rise 4.4% to 1,036.90 rupees
National Highways Logistics Management allots tender to engineering co to develop and operate 3 sites for wayside amenities in phase-II section of Bengaluru-Chennai Expressway
Total development cost estimated at 750 mln rupees ($8.8 mln) per site; co sees annualised revenue of 3.5 bln rupees from the sites from fourth year of operations
Sites to be developed on lease for 30 years and annual lease rent for three sites is 166 mln rupees
Trading vols nearly 2x the 30-day average
NSEN gained 9.2% in 2024 vs 44.7% in 2023
($1 = 85.6725 Indian rupees)
(Reporting by Vijay Malkar)
((VijayDattaram.Malkar@thomsonreuters.com;))
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