The stock slipped further into the red to touch a low of Rs 131, down 8% from the days high. It rebounded to end with a gain of 3.5% at Rs 136. The counter clocked relatively hefty trade volume of 1.18 million shares, as compared to its two-week daily traded average of 820,391 shares.
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(Updated at 1317 hrs)
IRB Infrastructure Developers has surged on hopes of winning the bid for the NH-15 in Punjab.
The stock opened 7% higher at Rs 140 and slipped to a low of Rs 134. Soon it surged 9% to a high of Rs 143. The stock is currently up 4.3% at Rs 137. Over 631,000 shares have been traded on the BSE so far.
The company has informed the BSE that it has put its bid to design, engineer, finance, construct, operate and maintain the Pathankot to Amritsar section of the NH-15. The project is on a grant basis with concession period of 20 years. the total cost of theis project is estimated to be Rs 1,200 crore.
Further, the company has emerged as the lowest bidder for the project and has sought a grant of Rs 126.90 crore from NHAI for the same.