Ramky Infrastructure jumps 13% on provisional completion certificate for JK project

Ramky Infrastructure jumps 13% on provisional completion certificate for JK project
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Ramky Infrastructure share price rallied 12.66 percent intraday Tuesday after receiving provisional completion certificate for the project in J&K.

Its subsidiary Srinagar Banihal Expressway had received the project 'rehabilitation, strengthening and four laning of Srinagar to Banihal, section of NH-1A on DBFOT (Annuity) basis in Jammu & Kashmir under NHDP-Phase-II from National Highways Authority of India (NHAI).

"Srinagar Banihal Expressway has received 'Provisional Completion Certificate' from independent engineer and declared fit for entry into commercial operations of the project highway effective from March 27, 2018," the company said in its filing.

The significance of 'Provisional Completion Certificate' would mean that the company is now entitled to receive annuity from NHAI as per the provisions of Concession Agreement.

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