IRB Infrastructure Rallies Over 6% on Bagging 2 Contracts

Shares of IRB Infrastructure Developers jumped over 6% intraday, a day after the company said it had won two highway projects in West Bengal and Himachal Pradesh.

With an asset base of more than Rs 54000 crore across 10 companies and two InvITs, IRB Infrastructure Developers Ltd (IRB) is the largest private road and road infrastructure developer in India.

The company said it received a letter of award (LOA) for a BOT project in West Bengal involving a 63.38-kilometre stretch of NH-19 between Dankuni and Palsit at a cost of Rs 2,421 crore.

The stock was seen trading at Rs 109,95, for Rs 6,55, and for Rs 6,55% for 11.15 AM IST. It has a height of Rs 112.30 intraday and a low of Rs 108.30 in intraday.
Including a construction order book of 7.583 crore - with revenues visible for more than 2 years - the total order book of the company now stands at Rs 1459 crore, the company added.

'IRB Infra closes FY21 with project wins of Rs 5,004 Crs, including two new projects...IRB, India's leading and the largest integrated highways infrastructure developers, has received a Letter of Awards from the National Highways Authority of India (NHAI) for a BOT (build, operate, transfer) project in West Bengal and a Hybrid Annuity Model (HAM) project in Himachal Pradesh,' the company said in a statement.

IRB Infrastructure Developers was established in 1998 and has since grown to become India's leading and largest infrastructure development company in the BOT space, dedicated to the road and highway market.