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IRB Infrastructure Group bags Kishangarh-Udaipur-Ahmedabad highway project from NHAI

IRB Infrastructure Group bags Kishangarh-Udaipur-Ahmadabad highway project from NHAIIRB Infrastructure Developers, one of the leading construction and infrastructure companies recently bagged the six lane road project on Kishangarh-Udaipur-Ahmedabad highway from National Highways Authority of India (NHAI). The company gained 1.47% to Rs 252 at 10:55 IST on Bombay Stock Exchange (BSE) after bagging the project.

The project is based on design-build-finance-operate-transfer (DBFOT) (toll) pattern under National highways Development Project (NHDP)’s Phase V (package-V). Around 20 years is the concession period of the project which includes 910 days of construction period.  A premium of Rs 228.60 crore has been offered by IRB Group to NHAI for the concession agreement.

The Sensex of BSE was up 148.22 points, or 0.52%, to 28,669.08 at the meantime. As a matter of fact, around .9 lakh shares were traded on BSE as compared to the average daily volume of 2.64 lakh shares in the past one quarter. There was an increase and cut of Rs 255.55 and Rs 250.55 respectively in the stock. On 20th October 2015, there was a 52-week high of Rs 272.20 in the stock. However, a 52-week low of Rs 197 was observed in the stock on 24 June 2016. With a gain of 7.93% compared with 1.59% rise in the Sensex, the stock surpassed the market till 20 September 2016. The scrip also outperformed the market in the past one quarter, rising 17.09% as against Sensex’s 6.16% rise. With the face value of Rs 10, the mid-cap company has equity capital of Rs 351.45 crore.

Talking about the project, the official spokesperson of the company stated that, “After bagging the project, IRB’s construction order book will stand to increase to approximately Rs 11,300 crores, to be executed in the next four years. This will boost the company’s construction orderbook visibility for next three to four year,”

Thus it is yet another benchmark of success established by IRB Group which will boost the company’s construction orderbook visibility for next three to four years.