In December last year, Union minister for road transport and highways Nitin Gadkar had informed the Parliament that the ministry has 318 ongoing arbitration cases worth nearly Rs 80,000 crore
KNR Constructions announced to sell its entire equity stake in a toll road BOT asset of special purpose vehicle (SPV) viz KNR Walayar Tollways Private Limited (KWTPL) to Singapore-based Cube Highways.
TOT is an asset monetisation model, where the government transfers the right to operate and maintain a highway to successful bidder for a period of 30 years.
The stock rallied 8% to Rs 225 on Thursday, extending its Wednesday's 3% gain on BSE, on the expectation of strong earnings growth over the medium-term.
At 11:30 am, the stock was trading at Rs 207 apiece on BSE, up 3.04 per cent.
In the past one-month, the stock outperformed the market by gaining 18% from Rs 143 (adjusted to stock split) on November 11
The stock hit a 52-week high of Rs 765, up 5.5% on the BSE in an early morning trade
The stock rallied 13% to Rs 726, extending its Tuesday 3% gain on the BSE.