IRB Infrastructure Developers rose 1.64% to Rs 216.50 at 10:06 IST on BSE after the company said it started toll collection and construction at Udaipur tollway.
The announcement was made after trading hours yesterday, 4 September 2017.Meanwhile, the S&P BSE Sensex was up 95.91 points, or 0.30% to 31,798.16.
On the BSE, 26,000 shares were traded in the counter so far, compared with average daily volumes of 1.65 lakh shares in the past one quarter. The stock had hit a high of Rs 217 and a low of Rs 215.50 so far during the day. The stock hit a 52-week high of Rs 272.40 on 3 May 2017. The stock hit a 52-week low of Rs 177.50 on 23 November 2016.
The stock had underperformed the market over the past one month till 4 September 2017, falling 3.55% compared with 1.93% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.75% as against Sensex's 1.64% rise. The scrip had also underperformed the market in past one year, falling 7.57% as against Sensex's 11.11% rise.
The mid-cap company has equity capital of Rs 351.45 crore. Face value per share is Rs 10.
IRB Infrastructure Developers announced that its wholly-owned subsidiary, Udaipur Tollway, incorporated for implementation of six-laning from Udaipur to Rajasthan/Gujarat Border project has received the appointed date from the competent authority. Accordingly, the special purpose vehicle (SPV) started toll collection and also construction on the project from 3 September 2017.
The project is on design, build, finance, operate and transfer (DBFOT) pattern. The concession period of the project is 21 years, including construction period of 910 days. The company started toll collection on the project from appointed date i.e. 3 September 2017 being six lanning project. The company has offered premium of Rs 163.80 crore to National Highways Authority of India (NHAI). The premium payment will commence after three years from the appointed date in terms of the concession agreement.
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IRB Infrastructure Developers' consolidated net profit rose 30.81% to Rs 237.86 crore on 19.74% increase in net sales to Rs 1816.88 crore in Q1 June 2017 over Q1 June 2016.
IRB Infrastructure Developers is one of the largest private roads and highways infrastructure developers in India.
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