IRB Infra gains after budget proposals

IRB Infrastructure Developers has moved higher by 3% to Rs 244, bouncing back nearly 8% from intra-day low, after the Finance Minister proposed investments of Rs 37,500 crore in highways and roads.

Road transport and national highways to get Rs 37,500 crore - including Rs 3,000 crore for north-east. NHAI to target 8,000 km this year, Finance Minister Arun Jaitley said.

IRB Infrastructure Developers is engaged in the road build-operate-transfer (BOT).

The stock opened at Rs 240 and touched a low of Rs 226 on NSE. The counter has seen huge trading activity with a combined nearly 10 million shares changing hands till 1225 hours on NSE and BSE.