IVRCL spurts as toll collection kicks off at Chengapalli tollways

IVRCL rose 12.04% to Rs 10.61 at 10:51 IST on BSE after the company said one of its special purpose vehicles has begun collection of toll from Chengapalli tollways in Tamil Nadu.

The announcement was made after market hours yesterday, 14 October 2015.

Meanwhile, the BSE Sensex was up 200.25 points, or 0.75%, to 26,979.91.

On BSE, so far 17.26 lakh shares were traded in the counter, compared with an average volume of 3.93 lakh shares in the past one quarter.

The stock hit a high of Rs 10.85 and a low of Rs 10.01 so far during the day. The stock hit a 52-week high of Rs 21.40 on 5 November 2014. The stock hit a 52-week low of Rs 6.52 on 21 September 2015.

The stock had outperformed the market over the past one month till 14 October 2015, rising 29.73% compared with 3.57% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 18.99% as against Sensex's 4.13% decline.

The small-cap company has an equity capital of Rs 101.51 crore. Face value per share is Rs 2.

IVRCL Chengapalli Tollways (ICTL), a Special Purpose Vehicle (SPV) formed by IVRCL for implementing the project, has begun collection of toll. This is one of the projects coming under National Highway Development Programme (NHDP) Phase-III B and envisages 4/6 laning of the road in Chengapalli-Coimbatore-Walayar on the Tamil Nadu and Kerala border under several sections of national highway (NH)-47 in Tamil Nadu. This project was executed as BOT (Toll) on Design, Build, Finance, Operate and Transfer (DBFOT) basis.

The Hyderabad-based infrastructure company has informed that it has obtained the provisional certificate for commercial operation and the toll collection started from Wednesday, 14 October 2015. This is one of the projects out of 3 projects which the company entered into a share purchase agreement with TRIL. All the three roadways are located in Tamil Nadu.

In a separate announcement after market hours yesterday, 14 October 2015, IVRCL said it has allotted 1.50 crore equity shares of Rs 2 each, at issue price of Rs 24.39 per share, on 14 October 2015 to International Asset Reconstruction Company (corporate debt restructuring lender) who signed the master restructuring agreement. This allotment is towards conversion of FITL into equity, for the period of 1 December 2013 to 31 August 2015.

IVRCL reported net loss of Rs 187.19 crore in Q1 June 2015 as against net loss of Rs 157.92 crore in Q1 June 2014. Net sales declined 25.58% to Rs 620.29 crore in Q1 June 2015 over Q1 June 2014.

IVRCL is a leading engineering, procurement and construction (EPC) and infrastructure company. Its core areas of work include value chain across sectors such as water & environment, irrigation, transportation and power distribution & transmission.

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