IRB Infra gains after emerging as preferred bidder for a highway project

IRB Infrastructure Developers rose 1.34% to Rs 219 at 10:51 IST on BSE after the company said it has emerged as a preferred bidder for NHAI project worth approximately Rs 2100 crore.

The announcement was made after market hours on Friday, 29 July 2016.

Meanwhile, the S&P BSE Sensex was up 178.29 points, or 0.64%, to 28,230.15

On BSE, so far 94,704 shares were traded in the counter, compared with an average daily volume of 1.29 lakh shares in the past one quarter. The stock hit a high of Rs 224.90 and a low of Rs 218.85 so far during the day. The stock hit a 52-week high of Rs 272.20 on 20 October 2015. The stock hit a 52-week low of Rs 197 on 24 June 2016. The stock had underperformed the market over the past one month till 29 July 2016, gaining 3.35% compared with 4.9% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.93% as against the Sensex's 9.55% rise.

The mid-cap company has an equity capital of Rs 351.45 crore. Face value per share is Rs 10.

IRB Infrastructure Developers announced that it has emerged as a preferred bidder for national highway project of six laning from Udaipur to Rajasthan/Gujarat border in Rajasthan and Gujarat states on Design, Build, Finance, Operate, Transfer (DBFOT) basis. The estimated project cost of the company is approximately Rs 2100 crore with the concession period of 21 years including construction period of 910 days. Subject to award of this project, IRB Infrastructure Developers' construction order book will stand to increased to approximately Rs 10000 crore, to be executed in the next four years. The company will get tolling rights on the project in a future date. The latest order will boost the company's construction order book visibility for the next three to four years, IRB Infrastructure Developers said in a statement.

IRB Infrastructure Developers' consolidated net profit rose 9.4% to Rs 151.16 crore on 54.1% increase in total income to Rs 1571.21 crore in Q4 March 2016 over Q4 March 2015.

IRB Infrastructure Developers is an integrated infrastructure development and construction company with significant experience in toll roads and highways sector. The company is one of the largest private developers in India.

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