IRB Infra gains on receiving letter of award from NHAI

IRB Infrastructure Developers rose 2.7% to Rs 120 at 12:21 IST on BSE after the company said it has emerged as a preferred bidder and received letter of award from NHAI for the project of four laning of Yedeshi - Aurangabad section.

The announcement was made after trading hours on Monday, 28 April 2014.

Meanwhile, the S&P BSE Sensex was down 87.12 points or 0.38% at 22,544.49

On BSE, so far 4.29 lakh shares were traded in the counter as against average daily volume of 4.80 lakh shares in the past one quarter.

The stock hit a high of Rs 121.95 and a low of Rs 118.10 so far during the day. The stock had hit a 52-week high of Rs 136 on 20 May 2013. The stock had hit a record low of Rs 51.90 on 2 August 2013.

The stock had outperformed the market over the past one month till 28 April 2014, surging 15.01% compared with the Sensex's 1.31% rise. The scrip had also outperformed the market in past one quarter, jumping 66.22% as against Sensex's 9.42% rise.

The company has equity capital of Rs 332.36 crore. Face value per share is Rs 10.

IRB Infrastructure Developers said that the company has emerged as a preferred bidder and received letter of award from National Highways Authority of India (NHAI) for the project of four laning of Yedeshi -Aurangabad section of NH-211 from km 100.000 to km 290.200 (Design Length 190 km) in the State of Maharashtra to be executed as BOT (Toll) on DBFOT Pattern under NHDP Phase -IV.

The estimated project cost of the company is approximately Rs 3200 crore, concession period is 26 years and construction period is 910 days, IRB Infrastructure Developers said in a statement. IRB Infrastructure Developers has sought Rs 558 crore as viability gap funding from NHAI, the company said.

IRB Infrastructure Developers' consolidated net profit fell 24% to Rs 108.52 crore on 4.3% decline in total income to Rs 905.91 crore in Q3 December 2013 over Q3 December 2012.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

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