IRB Infrastructure shares surge on winning six-lane highway project from NHAI
The shares of IRB Infrastructure Developers, the pioneer of construction and infrastructure sector surged nearly 3 per cent after the company bagged the six lane road project on Kishangarh-Udaipur-Ahmedabad highway from National Highways Authority of India (NHAI). The company offered a premium of Rs 228.60 crore to NHAI for the agreement and gained 1.47% to Rs 252 at 10:55 IST on Bombay Stock Exchange (BSE). The section of NH-79 covered in the project will be from km 90.00, near Gulabpura to km 214.870 at the end of Chitorgarh bypass.
The Sensex of BSE was up 148.22 points, or 0.52%, to 28,669.08 at the meantime. As a matter of fact, around 2.9 lakh shares were traded on BSE as compared to the average daily volume of 2.64 lakh shares in the past one quarter. There was an increase and cut of Rs 255.55 and Rs 250.55 respectively in the stock. On 20th October 2015, there was a 52-week high of Rs 272.20 in the stock. However, a 52-week low of Rs 197 was observed in the stock on 24 June 2016. With a gain of 7.93% compared with 1.59% rise in the Sensex, the stock surpassed the market till 20 September 2016. The scrip also outperformed the market in the past one quarter, rising 17.09% as against Sensex’s 6.16% rise. With the face value of Rs 10, the mid-cap company has equity capital of Rs 351.45 crore.
Talking about the project, the official spokesperson of the company stated that, “After bagging the project, IRB’s construction order book will stand to increase to approximately Rs 11,300 crores, to be executed in the next four years. This will boost the company’s construction orderbook visibility for next three to four year,”
With the increase in the value of the company’s shares, it is likely to attain commendable success in the upcoming years.
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