IRB Infrastructure jumps on winning biggest NHAI order

The project involves construction of Zozila Tunnel spanning 14.08 kms estimated at Rs 10,050 crore

Shares of IRB Infrastructure Developers were up over 8% at Rs 265 in early trades on the Bombay Stock Exchange after the company won the biggest National Highway Project in India in terms of project cost estimated at Rs 10,050 crore.

The project involves construction of Zozila Tunnel spanning 14.08 kms including approaches on NH-1 in the State of Jammu & Kashmir on Design, Build, Finance, Operate & Transfer basis, the company said in a release.

The concession period of the project is 22 years including construction period of 7 years and the company will receive semi-annual annuity of Rs 981 crore from the Ministry of Road Transport & Highways after completion of construction of the project, the release added.

The stock opened at Rs 269 and touched a high of Rs 269.30. At 9:20am, over 595,000 shares were traded on both the stock exchanges.