IRB Infrastructure Developers rose 2.27% to Rs 272 at 13:08 IST on BSE after the company said it won an order for operation and maintenance work of Mumbai-Pune Expressway and additional works of national highway-4.
The announcement was made during trading hours today, 8 September 2014.
Meanwhile, the BSE Sensex was up 160.15 points, or 0.59%, to 27,186.85.
On BSE, so far 4.05 lakh shares were traded in the counter, compared with an average volume of 9.57 lakh shares in the past one quarter.
The stock hit a high of Rs 274.15 and a low of Rs 267.55 so far during the day. The stock hit a 52-week high of Rs 275.50 on 8 July 2014. The stock hit a 52-week low of Rs 63.35 on 6 September 2013.
The stock had underperformed the market over the past one month till 5 September 2014, rising 0.11% compared with 4.32% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 27.13% as against Sensex's 8.02% rise.
The mid-cap company has an equity capital of Rs 332.36 crore. Face value per share is Rs 10.
IRB Infrastructure Developers has received the Letter of Award for the MSRDC's project of Operation & Maintenance of Yashwantrao Chavan Expressway and Mumbai Pune section of NH-4 along with execution of additional works on Mumbai Pune section of NH-4, on DBFOT basis with toll rights in the state of Maharashtra.
Total six bidders including the company participated in this International electronic competitive bidding process. The final offer of the company for a concession period of 8 years 8 months and 2 days being the lowest amongst all the bidders has been accepted by MSRDC and thereby declared the company as selected bidder and issued the Letter of Award.
The estimated cost of the project is approximately Rs 1687 crore, including Rs 1000 crore as upfront premium payable to MSRDC in 4 annual installments as prescribed in the bid, commencing from 31 March 2015.
The toll collection for the Project will commence from 10 August 2019 resulting into an effective tolling period of 4 years 3 months 22 days only.
On a consolidated basis, IRB Infrastructure Developers' net profit rose 11.76% to Rs 150.39 crore on 2.37% decline in total income to Rs 1036.71 crore in Q1 June 2014 over Q1 June 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 22% to Rs 589 crore in Q1 June 2014 over Q1 June 2013.
IRB is an integrated infrastructure development and construction company with significant experience in the toll roads and highways sector.
Powered by Capital Market - Live News
