ITNL inches up after securing provisional completion certificate for a JV road project

IL&FS Transportation Networks rose 0.79% to Rs 139.50 at 15:17 IST on BSE after the firm said that a road project awarded to 50:50 JV of the firm and Ramky Infrastructure has been issued a provisional completion certificate effective 2 January 2014.

The announcement was made during market hours today, 7 January 2014.

Meanwhile, the S&P BSE Sensex was down 99.30 points or 0.48% at 20,688.

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 34,264 shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.13% at the day's high of Rs 141.35 so far during the day. The stock lost as much as 0.36% at the day's low of Rs 137.90 so far during the day. The stock had hit a record low of Rs 98.10 on 19 September 2013. The stock had hit a 52-week high of Rs 227 on 9 January 2013.

The stock had outperformed the market over the past one month till 6 January 2014, advancing 2.63% compared with the Sensex's 1% fall. The scrip had also outperformed the market in past one quarter, surging 36.76% as against Sensex's 4.38% rise.

The small-cap company has equity capital of Rs 194.27 crore. Face value per share is Rs 10.

IL&FS Transportation Networks (ITNL) said that the four laning of Narketpally - Addanki - Medarametla Road (SH-2) stretch in Andhra Pradesh awarded to the joint venture (JV) of Ramky Infrastructure and the company in the ratio of 50:50 by the Andhra Pradesh Road Development Corporation has been issued a provisional completion certificate by the Competent Authority effective 2 January 2014.

The project is on toll basis with a concession period of 24 years (including two and half years of construction period), ITNL said.

ITNL's consolidated net profit fell 4% to Rs 111.27 crore on 2.2% decline in net sales to Rs 1340.70 crore in Q2 September 2013 over Q2 September 2012.

ITNL is one of the largest private sector road operators in India. The company is engaged in the development, operation, and maintenance of national and state highways, roads, flyovers and bridges primarily in India.

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