IRB Infra shares up 5% on Rs 10k-cr order;mcap jumps Rs 451 cr

IRB Infrastructure shares today surged over 5 per cent after the company announced that it has bagged a contract to build Southeast Asia's longest tunnel at Zojila pass in Jammu & Kashmir at an estimated cost of Rs 10,050 crore.
Following the development, shares of the company opened on a bullish note at Rs 269, up 9.86 per cent on the BSE.
The scrip, however, lost some ground and settled for the day at Rs 257.70 on the BSE, up 5.25 per cent.
On the NSE, the scrip opened at Rs 269.35, up 9.98 per cent. It ended the day at Rs 257.85, up 5.28 per cent.

Pursuant to which, the market capitalisation of the company improved by Rs 451 crore to Rs 9,056.87 crore.
The uptick in the counter assumes significance as the broader market settled down 537.55 points at 25,623.35.

Market experts said the spike in the counter was largely owing to the Rs 10,050-cr order to build Zojila pass tunnel in J&K.
Zojila pass, situated at an altitude of 11,578 feet on Srinagar-Kargil-Leh National Highway, remains closed during winters due to heavy snowfall and avalanches, cutting the Leh-Ladakh region from Kashmir.
"IRB Infrastructure Developers Ltd, one of the largest BOT road developers in India, has received a Letter of Award from Ministry of Road Transport and Highways (MORT&H) for the construction, operation and maintenance of the longest tunnel in Southeast Asia, Zojila Pass Tunnel, in Jammu and Kashmir," the company said in a statement.