IRB Infrastructure shares surge over 3 per cent on winning Rs 2,100-cr highway project from NHAI

By: | Updated: September 27, 2016 4:50 PM

IRB Infrastructure Developers shares surged over 3 per cent on on Tuesday after it bagged Rs 2,100-cr highway project from National Highways Authority of India (NHAI) in Gujarat and Rajasthan.

IRB Infrastructure Developers shares surge over 3 per cent on winning highway projectIRB Infrastructure Developers shares surged over 3 per cent on on Tuesday after it bagged Rs 2,100-cr highway project from National Highways Authority of India (NHAI) in Gujarat and Rajasthan. (Reuters)

IRB Infrastructure Developers shares surged over 3 per cent intraday on on Tuesday after it bagged Rs 2,100-cr highway project from National Highways Authority of India (NHAI) in Gujarat and Rajasthan. Reacting to the news, share price of the company were trading 2.46 per cent up at Rs 262.90 at 10.28 am. The scrip opened at Rs 263.80 and touched a high and low of Rs 266 and Rs 261.35, respectively. Later, the scrip ended 0.53 per cent up at Rs 257.95.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week-high of Rs. 272.20 on Oct 20, 2015 and a 52-week-low of Rs 197.00 on Jun 24, 2016. The promoters holding in the company stood at 57.43 per cent, while institutions and non-institutions held 36.29 per cent and 6.28 per cent respectively.

The company said in a BSE filing, “IRB Infrastructure Developers has received Letter of Award (LoA) from National Highways Authority of India (NHAI) for the project of Six Laning from Udaipur to Rajasthan/ Gujarat Border i.e. from km 287.400 to km 401.200 section of NH-8 in the states of Rajasthan & Gujarat (approx. length 113.800 km) on DBFOT (Toll) under NHDP Phase V (package-V).”

The estimated project cost of the company is approximately Rs 2100 crore. The concession period of the project is 21 years including construction period of 910 days. The company has offered premium of Rs 163.80 crore to NHAI in terms of the concession agreement.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

Brokerage House Sharekhan Investors Eye in a September 12, 2016 research note has maintained a ‘Buy’ rating on the stocks at target price of Rs 300. arget (PT) of Rs300.

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