Infrastructure and energy stocks saw fresh action on December 17 as three major companies announced significant order wins. While some counters rallied on strong project visibility, others saw muted or negative reactions, underlining how execution timelines and investor expectations continue to shape market sentiment.
Ahluwalia Contracts Bags ₹888-Crore Bihar Tourism Project, Stock Jumps
Shares of Ahluwalia Contracts (India) Ltd climbed nearly 4%, hitting an intraday high of ₹1,025, after the company announced a large construction order from the Bihar State Tourism Development Corporation.
The ₹888.38-crore project (inclusive of GST) involves the construction and development of the Shri Ram Janmabhoomi Tirtha Kshetra at Punauradham, located in Sitamarhi district. The project will be executed under the EPC (Engineering, Procurement and Construction) mode with a completion timeline of 42 months.
The company clarified that the contract has been awarded by a domestic entity and that no promoter interest is involved, easing any related-party concerns.
This order adds to Ahluwalia Contracts’ already strong order inflow in 2025. Earlier in June, the company had secured:
An ₹821-crore residential project in Gurugram (36-month timeline)
A ₹282.56-crore housing project in Bengaluru (32-month timeline)
At around mid-morning trade, the stock was still up over 3% on the NSE, reflecting positive investor response to its growing execution pipeline.
NBCC Wins ₹345-Crore Work Orders, Shares Slip
In contrast, NBCC (India) Ltd shares slipped about 1%, despite the company announcing fresh orders worth ₹345.04 crore (excluding GST).
The largest component is a ₹332.99-crore project management consultancy assignment from IIT Mandi. The scope includes planning, design, and construction-related services for:
Academic blocks
2 BHK and 3 BHK residential housing
A student activity centre with a sports complex
Allied infrastructure at the Kamand campus in Himachal Pradesh
Additionally, NBCC secured a ₹12.05-crore annual maintenance contract from Kandla SEZ, covering a wide range of services such as electrical, plumbing, HVAC, CCTV, lifts, solar systems, and fire-fighting infrastructure. The maintenance period runs from January 1 to December 31, 2026.
The muted stock reaction suggests that the market may have already priced in steady order inflows, viewing these contracts as part of NBCC’s routine business rather than a major upside trigger.
Suzlon Secures 306 MW Wind Order, Stock Trades Flat
Suzlon Energy Ltd announced a 306 MW wind power order from Yanara, comprising two contracts of 153 MW each. This marks the second repeat order from Yanara in 2025, reinforcing Suzlon’s ongoing partnership with the company.
Under the deal, Suzlon will supply 102 S144 wind turbine generators, each with a capacity of 3 MW. The turbines will be installed in Barmer, Rajasthan, as part of Yanara’s firm and dispatchable renewable energy (FDRE) projects.
Despite the strategic significance of the order, Suzlon shares traded largely flat, even after touching an intraday high of ₹52.65. The subdued reaction likely reflects the market’s focus on execution pace, margins, and the company’s already strong presence in the state.
Suzlon currently commands a 44% market share in Rajasthan, with 2.3 GW installed capacity out of the state’s total 5.2 GW. It is also executing a separate 791 MW EPC project in the region.
Market Lens
These announcements highlight a clear pattern: while large order wins remain crucial for long-term visibility, stock reactions depend on surprise value, execution confidence, and valuation comfort.
