New Delhi: The stock of the expressway developer Welspun Enterprises hit its all time intra-day high on Monday, a day after it was inaugurated.
The National Highways Authority of India (NHAI) had signed an agreement with Welspun Enterprises for development of the first phase of the Delhi-Meerut Expressway.
The stock of Welspun Group firm Welspun Enterprises hit its all-time high level of 202.85 on BSE. The stock closed 2.30 percent up at 198.15 a piece on Monday.
Welspun Delhi Meerut Expressway, a wholly-owned subsidiary of Welspun Enterprises, will maintain the project for 15 years after which it will be transferred to NHAI.
Prime Minister Narendra Modi on Sunday inaugurated the first phase of the Rs 7,500-crore expressway that will considerably reduce travel time between national capital Delhi and Meerut in adjoining Uttar Pradesh state.
The first phase of the Delhi-Meerut Expressway costed Rs 842 crore on building the 9-km stretch of 14-lane highway, according to an advertisement released by the government on the project.
The expressway, which will have dedicated bicycle tracks on the nearly 28-km stretch between Delhi and Dasna, will cut travel time between Delhi and Meerut to 45 minutes from two-and-half hour now. The total length of the project is 82 km, of which the first 27.74 kms will be 14-laned, while the rest will be 6-lane expressway.
The expressway will do away with 31 traffic signals on the Delhi-Meerut road, the busiest highway in the region, and make it signal free.
Modi had in December 2015 laid the foundation stone of the Delhi-Meerut Expressway to be built at a cost of Rs 7,566 crore.
The project is being built in four segments -- Nizamuddin Bridge to UP Border, UP Border to Dasna, Dasna to Hapur and Hapur to Meerut.
Besides, six-laning of 22 km long Dasna-Hapur section of NH 24 will cost Rs 1,122 crore.
With PTI Inputs