IRB Infra jumps about 9% in two sessions

IRB Infrastructure Developers rose 1.41% to Rs 125.75 at 14:10 IST on BSE, extending Wednesday's 7.03% rise triggered by the company receiving a letter of award from National Highways Authority of India for a road project in Haryana.

The company made the announcement during trading hours today, 7 May 2014. Shares of IRB Infrastructure Developers jumped 7.03% to Rs 124 on that day. The stock has risen 8.55% in two trading sessions from Rs 115.85 on 6 May 2014.

Meanwhile, the BSE Sensex was down 6.01 points, or 0.03%, to 22,317.89.

On BSE, so far 6.45 lakh shares were traded in the counter, compared with an average volume of 4.85 lakh shares in the past one quarter.

The stock hit a high of Rs 127.35 and a low of Rs 123.75 so far during the day. The stock hit a 52-week high of Rs 136 on 20 May 2013. The stock hit a 52-week low of Rs 51.90 on 2 August 2013.

The stock had outperformed the market over the past one month till 7 May 2014, rising 9.35% compared with the Sensex's 0.09% fall. The scrip had also outperformed the market in past one quarter, soaring 69.40% as against Sensex's 9.56% rise.

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

IRB Infrastructure Developers said it has emerged as a selected bidder and received letter of award from National Highways Authority of India (NHAI) for the project of four laning of Kaithal - Rajasthan border section of national highway-152/65 from km 33.250 to km 241.580 (design length 166 km) in Haryana to be executed as Build-operate-transfer (BOT) (Toll) on Design, Build, Finance, Operate, Transfer (DBFOT) pattern under NHDP Phase - IV.

The estimated project cost of the company is approximately Rs 2300 crore. The concession period for the same is 27 years. Construction period is 910 days. The company has sought Rs 234 crore viability gap funding from NHAI.

With this project, IRB Infrastructure Developers expands its base in 7th state viz. Haryana.

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.

Powered by Capital Market - Live News