IRB Infra Developers Gains On Bagging Highway Order

Shares of Mumbai-based highway construction company IRB Infrastructure Developers rose as much as 5.84 per cent to hit an intraday high of Rs 115 after the company informed exchanges that it was awarded project for rehabilitation and upgradation of highway between Punjab and Himachal Pradesh by National Highway Authority of India (NHAI).

“IRB Infra Developers received letter of award from NHAI for the project of rehabilitation and upgradation to four lane configuration and strengthening of Punjab-Himachal Pradesh border from Km 11.000 to Km 42.000 (Design Length 28.700 KM) of NH-20 (New NH-154) of Pathankot-Mandi section in the state of Himachal Pradesh on Hybrid Annuity Mode (HAM),” IRB Infra Developers said in a stock exchange filing.

IRB Infra Developers made a bid of Rs 828 crore for the project while NHAI’s bid project cost was Rs 758.04 crore, according to information on stock exchange filing.

IRB Infrastructure will get construction period of 730 days and commence operation for 15 years.

Meanwhile, on Tuesday, IRB Infra bagged two orders from NHAI for six laning of NH-19 from Palsit to Dankuni and for four laning of NH-20 on Pathankot-Mandi section.

IRB Infra Developers shares ended 4.79 per cent higher at Rs 113.85, outperforming the Sensex which ended 1 per cent higher.

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