IRB Infra gains after winning order

IRB Infrastructure Developers rose 2.26% to Rs 262.40 at 9:21 IST on BSE after the company said it received a letter of award from National Highways Authority of India for Rs 2100-crore highway project in Rajasthan and Gujarat.

The announcement was made after market hours yesterday, 26 September 2016.

Meanwhile, the BSE Sensex was up 102.13 points, or 0.36%, to 28,396.41.

On BSE, so far 83,000 shares were traded in the counter, compared with average daily volume of 2.95 lakh shares in the past one quarter. The stock hit a high of Rs 264.90 and a low of Rs 261.80 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 outperformed the market over the past 30 days till 26 September 2016, rising 10.25% compared with 1.84% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.74% as against Sensex's 6.67% rise.

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

IRB Infrastructure Developers said it received letter of award from National Highways Authority of India (NHAI) for the project of six laning from Udaipur to Rajasthan/Gujarat border i.e from km 287.40 to 401.20 section of NH-8 in the states of Rajasthan and Gujarat. The project will be on design, build, finance, operate and transfer (DBFOT) mode under National Highways Development Project Phase V.

The estimated project cost of the company is approximately Rs 2100 crore. The concession period of the project is 21 years including construction period of 910 days. The company will get tolling rights on project from the appointed date. The company has offered premium of Rs 163.80 crore to NHAI in terms of the concession agreement.

On a consolidated basis, net profit of IRB Infrastructure Developers rose 10.4% to Rs 181.84 crore on 36.8% rise in net sales to Rs 1517.33 crore in Q1 June 2016 over Q1 June 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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