IRB Infra nears 52-week high on heavy volumes

The stock rallied 6% to Rs 266, trading near to its 52-week high of Rs 272 on the BSE.

IRB Infrastructure Developers has rallied 6% to Rs 266 on the BSE on the back of three-fold jump in trading volumes. The stock of company engaged in roads & highways business is trading near to its 52-week high of Rs 272 touched on October 20, 2016 in intra-day trade.

A combined 8.39 million shares representing 2.4% of total equity of IRB Infrastructure changed hands on the counter on the NSE and BSE.

The company on Tuesday, September 20, announced that it has emerged as a preferred bidder for the project of six laning from Kishangarh – Udaipur – Ahmedabad Section of around 125 Kms in the state of Rajasthan. The said section of NH-79 will be from km 90.00, near Gulabpura to km 214.870 at the end of Chitorgarh bye pass.

IRB has offered a premium of Rs. 228.60 crore to NHAI in terms of concession agreement.

“Subject to award, IRB’s construction order book will stand to increase to approximately Rs 11,300 crore, to be executed in the next four years.  This will boost the company’s construction order book visibility for next three to four year,” the company said in a statement.

At 03:20 pm, the stock was up 4% at Rs 260 on the BSE, as compared to 0.39% fall in the S&P BSE Sensex.