Stock price shoots up as IRB Infrastructure Owner bag another important project
IRB, managed by Virendra Mhaiskar IRB Infrastructure Owner, is currently trading at Rs. 194.60, increased by 1.73% or 3.30 points from its last closing of Rs. 191.30 on the Bombay Stock Exchange (BSE). This significant increase was a result of an important road project bagged by IRB.
The project, based in Rajasthan, involves six laning of National Highway (NH) 79A and NH 79, from Kishangarh to Gulabpura. This is one of many tricky development projects that have been given to IRB Infrastructure. Needless to say, the recent achievement has shown its result in share market.
The scrip opened at Rs. 196.00 and had touched a high of Rs. 197.00 and a low of Rs. 194.60. So far 60,000 shares have been traded on the counter.
Last one week high and low of the scrip stood at Rs. 197.00 and Rs. 184.95 respectively. The current market cap of IRB Infrastructure is Rs. 6,839.22 crore.
The promoters holding in the company stands at 57.37%, while Institutions and Non-Institutions hold 36.24% and 6.39% respectively.
There was very little surprise as IRB Infrastructure Developers emerged as the preferred bidder for the project. Length of 90 km will be worked upon by IRB, on DBFOT (Toll) under NHDP Phase V package – I Project.
The construction period is 910 days concession and the concession period of the project is 20 years. The road developer will get tolling rights on project extending from the appointed date. IRB Infrastructure owner, Virendra Mhaiskar has offered premium of Rs 186.30 crore to NHAI in terms of the concession agreement. With this project, the company’s construction order book looks bright at around Rs 11061 crore.
IRB Infrastructure Developers, one of the largest and most reliable road and highway developer in the world, undertakes refurbishment of various infrastructure projects in the road sector via many special purpose vehicles.
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