IRB Infrastructure shares surge by 9% after winning two highway projects



News24

LAST UPDATED: March 31, 2021, 4:18 p.m.

New Delhi (Anish Yande): Shares of IRB Infrastructure Developers rose by 9 percent in the trading session on Wednesday. The shares rose to an intraday high of Rs 112.30 in the trading session. Shares of IRB Infrastructure surged as the company reported winning highway projects in West Bengal and Himachal Pradesh.

Following the opening bell, the shares of IRB Infrastructure rose to Rs 111.85 per share on Wednesday. The shares were trading at Rs 109.80, at an increase of 6.24 percent at 10.03. IRB Infrastructure shares reached an intraday low of Rs 108.30

IRB Infrastructure Developers secures winning bid:

In an exchange filing,  IRB Infrastructure stated that it secured bids for highway projects in West Bengal and Himachal Pradesh which amount to Rs 3,179 crore. The highway projects amount to around 5 percent of the total market share of awards in the financial year 2020-21 on a PPP basis. The National Highways Authority of India issues the awards for highway projects. 

IRB Infrastructure’s total value of the project portfolio is recorded at Rs 5,004 crore in the current fiscal following the winning bids. The company has added two new public-private partnership projects to its portfolio. Through the winning bids of projects in Himachal Pradesh and West Bengal, IRB Infrastructure’s operations have expanded to 10 Indian states. 

IRB Infrastructure order book at Rs 14,509 crore:

The total order book of the company is currently at Rs 14,509 crore. The construction order book of IRB Infrastructure is recorded at Rs 7,583 crore. 

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IRB Infrastructure has received a letter of award (LOA) for a build, operate, transfer project in West Bengal. The project would require the building of 6 lanes of the Dankuni-Palsit stretch of 63.38 km of NH-19. The project would cost Rs 2,421 crore. 

The construction company is also the preferred bidder for the hybrid annuity model (HAM) project in Himachal Pradesh. The project would require four-laning of the 28.700-km stretch of the NH-20, on the Pathankot Mandi section. The bid of the projects is at a cost of Rs 828 crore.

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