IL&FS Transportation spurts after favorable tribunal ruling

IL&FS Transportation Networks surged 5.75% to Rs 83.70 at 14:34 IST on BSE after the arbitral tribunal directed the National Highways Authority of India to pay Rs 547.96 crore to the company's arm.

The announcement was made during market hours today, 30 November 2017.

Meanwhile, the S&P BSE Sensex was down 253.36 points or 0.75% at 33,349.40.

On the BSE, 4.70 lakh shares were traded on the counter so far as against the average daily volumes of 96,140 shares in the past one quarter. The stock had hit a high of Rs 85.40 and a low of Rs 78.30 so far during the day. The stock had hit a 52-week high of Rs 124.80 on 12 January 2017 and a 52-week low of Rs 70 on 28 September 2017.

IL&FS Transportation Networks' (ITNL) subsidiary, Pune Sholapur Road Development Company (PSRDCL) had invoked arbitration against National Highways Authority of India (NHAI) with respect to development, maintenance, and management of a highway in Maharashtra. The highway was on the Pune-Solapur section of NH-9 and had been done on design-build-operate-transfer (DBFOT) basis. The arm had claimed compensation for losses suffered by it on account of time overrun in construction phase of the project. The Arbitral Tribunal asked NHAI to pay Rs 547.96 crore to PSRDCL.

ITNL's net profit rose 5.3% to Rs 60.09 crore on 18.7% decline in net sales to Rs 686.33 crore in Q2 September 2017 over Q2 September 2016.

IL&FS Transportation Networks is a BOT (build, operate and transfer) road assets owner in India.

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