Shares of Ceigall India Ltd surged 4% on Friday following the announcement that its wholly owned subsidiary, Ceigall Infra Projects Pvt. Ltd., emerged as the lowest bidder for a major road development project in Madhya Pradesh.

According to an exchange filing, the subsidiary topped the financial bid for the Indore–Ujjain greenfield four-lane highway project, spanning 48.1 km, awarded by the Madhya Pradesh Road Development Corporation Ltd. The project will be executed under the Hybrid Annuity Model (HAM) and is expected to be completed within 24 months. The winning bid amount is ₹1,089 crore.

This marks the company’s second significant project win within the same week. Earlier on Monday, Ceigall India had received a letter of intent from REC Power Development and Consultancy Ltd for establishing a 400/220 kV GIS substation at Velgaon through a tariff-based competitive bidding process. Under that award, the company is required to furnish a contract performance guarantee of ₹9.35 crore within 10 days.

At 2:39 pm on Friday, Ceigall India Ltd shares were trading at ₹244.10, up 3.59%, after reaching an intraday high of ₹248 on the NSE.