IVRCL zooms 12% after it begins toll collection at Chengapalli tollways

 

Shares of IVRCL have zoomed nearly 12% to Rs 10.55 on the Bombay Stock Exchange (BSE) after the company announced that one of its special purpose vehicles has begun collection of toll from Chengapalli tollways in Tamil Nadu.

This is one of the projects coming under National Highway Development Programme (NHDP) Phase-III B and foresees 4/6 laning of the road in Chengapalli–Coimbatore–Walayar on the Tamil Nadu and Kerala border under several sections of national highway (NH)-47 in Tamil Nadu.

This project was executed as BOT (Toll) on Design, Build, Finance, Operate and Transfer (DBFOT) basis, the company said in a filing to the BSE.

The stock opened at Rs 10.50 and hit a high of Rs 10.80. At 11:30 AM, a combined total of 10.3 million shares changed hands on the counter of NSE and BSE.