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The latest announcement is out from NESCO Limited ( (IN:NESCO) ).
Nesco Limited announced a revision in its project with National Highways Logistics Management Limited (NHLML) regarding the development of wayside amenities on the Bengaluru Chennai Expressway Corridor. Due to feasibility challenges, Nesco has surrendered two of the three initially awarded sites, with NHLML accepting this decision. The company will now focus on developing one site, with an estimated development cost of Rs. 75 crores and expected annual revenue of Rs. 115 crores from the fourth year of operations. The annual lease rent for this site is set at Rs. 5.53 crores, subject to annual revisions based on WPI and CPI. There are no financial penalties imposed on Nesco for surrendering the two sites.
More about NESCO Limited
Nesco Limited operates in the infrastructure and real estate sector, focusing on developing, operating, and maintaining facilities such as wayside amenities. The company is known for its projects that enhance logistical and infrastructural capabilities, primarily within India.
Average Trading Volume: 6,947
Technical Sentiment Signal: Buy
Current Market Cap: 96.6B INR
See more insights into NESCO stock on TipRanks’ Stock Analysis page.