IRB Infra gains after executing concession agreement with NHAI for project in UP

IRB Infrastructure Developers rose 1.13% to Rs 223.95 at 11:20 IST on BSE after its wholly-owned subsidiary executed concession agreement with NHAI for the project of six laning of Agra-Etawah bypass section in Uttar Pradesh.

The company made announcement before market hours today, 3 September 2015.

Meanwhile, the BSE Sensex was up 230.14 points, or 0.9%, to 25,695.07.

On BSE, so far 65,296 shares were traded in the counter, compared with an average volume of 2.43 lakh shares in the past one quarter.

Shares of mid-cap company hit a high of Rs 227 and a low of Rs 223.05 so far during the day. The stock had hit a 52-week high of Rs 289.40 on 19 November 2014. The stock had hit a 52-week low of Rs 197.20 on 25 August 2015.

IRB Infrastructure Developers said that AE Tollway, a wholly-owned subsidiary of the company, has now executed concession agreement with National Highways Authority of India (NHAI) for the project of six laning of Agra-Etawah bypass section of NH-2 (from km 199.660 to km 323.525) in the State of Uttar Pradesh under National Highways Development Project (NHDP) Phase-V on build, operate, transfer (BOT) (toll) mode.

The project is on design-build-finance-operate-transfer (DBFOT) pattern. The estimated project cost is approximately Rs 2650 crore. The concession period of the project is 24 years and the construction period is 910 days. The company will get tolling rights on Agra - Etawah bypass section of NH-2 from the appointed date. The company has offered premium of Rs 81 crore to NHAI, which will increase by 5% year on year (YoY). With this project, IRB has expanded its base in 8th state viz. Uttar Pradesh, IRB Infrastructure Developers said.

On consolidated basis, IRB Infrastructure Developers' net profit rose 10.3% to Rs 165.95 crore on 9.6% rise in total income to Rs 1136.74 crore in Q1 June 2015 over Q1 June 2014.

Powered by Capital Market - Live News