Ceigall India Limited shares moved higher on Friday after the company announced that its subsidiary, Ceigall Bathinda Dabwali Highways Private Limited, has received a provisional certificate from the National Highways Authority of India for a major highway project in Punjab.

Project Specifications and Commercial Operations

The infrastructure development project represents a significant milestone for the company's northern market expansion:

The project has been declared fit for entry into commercial operations with effect from December 22, 2025. The company confirmed that this project does not fall under related party transactions.

Stock Performance and Market Response

The market responded positively to the development, with shares showing strong performance:

Recent Contract Wins

This development follows another significant contract win announced earlier this week. The infrastructure construction company emerged as the lowest bidder for a new contract worth around ₹550.00 crores from Madhya Pradesh Urja Vikas Nigam Ltd. The project involves setting up 130 MW (AC) of grid-connected solar photovoltaic power plants under the Surya Mitra Krishi Feeders Scheme–PM KUSUM-C.

The combination of the Punjab highway project's commercial readiness and the recent solar power contract win demonstrates Ceigall India's diversified project portfolio and strong execution capabilities across infrastructure and renewable energy sectors.

Ceigall India has officially received the Letter of Award (LOA) from Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) for its 130 MW solar power project, confirming the company's earlier L1 bidder status that had generated significant market interest and trading volume queries from stock exchanges.

Official Contract Award Confirmation

The infrastructure development company received multiple Letters of Award from MPUVNL for Solar PV based Power Plants (SPP) with an aggregate capacity of 130 MW (AC) under the Surya Mitra Krishi Feeders Scheme - PM KUSUM-C. This development follows the company's earlier clarifications to BSE and NSE regarding unusual trading volumes when the L1 bidder status was publicly available on the e-procurement portal.

Project Execution and Operational Framework

The solar power project involves the design, engineering, procurement, construction, testing, commissioning, and operation of grid-connected solar power plants across two districts in Madhya Pradesh. The project comes with a comprehensive execution and operational structure designed to provide long-term revenue visibility for the company.

Management Commentary and Strategic Vision

Commenting on the development, Ramneek Sehgal, Chairman Managing Director, Ceigall India Limited, said, "Receiving this LOA from MPUVNL marks a significant milestone in Ceigall's renewable energy journey. The PM KUSUM-C initiative is a transformative programme aimed at strengthening clean energy adoption while supporting India's agricultural ecosystem. We are proud to contribute to Madhya Pradesh's renewable energy goals and remain committed to delivering the project with high standards of efficiency, reliability, and sustainability."

Regulatory Compliance and Market Response

The company had previously addressed queries from both BSE and NSE regarding increased trading volumes, confirming that the market activity was driven by publicly available information about its L1 bidder status. The company emphasized its commitment to regulatory compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This LOA reinforces Ceigall India Limited's growing footprint in the renewable energy sector, highlighting its capability to execute large-scale infrastructure projects that align with India's transition towards a cleaner and greener energy future.