IL&FS Transportation Networks gains after receiving order in Gujarat

IL&FS Transportation Networks rose 1.88% to Rs 221.80 at 11:39 IST on BSE after the company said it received an order to develop eight railway over bridges in Gujarat.

The announcement was made during trading hours today, 3 March 2015.

Meanwhile, the BSE Sensex was down 3.76 points, or 0.01%, to 29,455.38.

On BSE, so far 64,000 shares were traded in the counter, compared with an average volume of 61,086 shares in the past one quarter.

The stock hit a high of Rs 226.50 and a low of Rs 214.05 so far during the day. The stock hit a 52-week high of Rs 257 on 21 July 2014. The stock hit a 52-week low of Rs 100.28 on 3 March 2014.

The stock had underperformed the market over the past one month till 2 March 2015, falling 0.30% compared with 1.16% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 16.08% as against Sensex's 3.57% rise.

The mid-cap company has an equity capital of Rs 246.72 crore. Face value per share is Rs 1 .

IL&FS Transportation Networks said that the Roads & Building Department, Government of Gujarat has issued a Letter of award for development of 8 Railway Over Bridges (ROBs) in Gujarat under PPP (public-private partnership) mode on annuity basis.

Further the company said that the development of the project will be undertaken through its subsidiary. The project has a concession period of 17.5 years (including construction period of 2.5 years) at a total project cost of Rs 250.85 crore. The Semi-Annual Annuity payable will be Rs 21.99 crore for a period of 15 years.

On a consolidated basis, net profit of IL&FS Transportation Networks rose 17.51% to Rs 129.06 crore on 0.72% fall in net sales to Rs 1951.76 crore in Q3 December 2014 over Q3 December 2013.

IL&FS Transportation Networks is the largest BOT road asset owner in India in terms of length of road in its portfolio. The company has a diverse portfolio of projects in the surface transportation segment mainly in the PPP (Public Private Partnership) road sector. It acts as developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance. The company has also ventured into other transportation sub-sectors such as Railways, Urban Transportation Systems and Border Check-posts.

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