IRB Infrastructure Developers rallies 9% on winning two new PPP projects

Shares of edged 9 per cent higher to Rs 112.30 on the BSE in intra-day trade on Wednesday after the company announced an exciting end to the FY 2020-21 with the addition of two new PPP (public-private partnership) projects to its portfolio.

“The company has won two highway projects with project costs of Rs 3,179 crore in West Bengal and Himachal Pradesh. Thus, the company is closing its financial year after successfully securing new orders amounting to a total of Rs 5,004 crore. This works out to approximately 5 per cent of the total market share of awards on a PPP basis issued by the National Highways Authority of India (NHAI) in the financial year 2020-21,” IRB Infra said in an exchange filing.

The total order book of the company now stands at Rs 14,509 crore, including a construction order book of Rs 7,583 crore – providing revenue visibility of more than 2 years, the company added.

It said it has received a letter of award (LOA) for a BOT (build, operate, transfer) project in West Bengal involving 6 laning of Dankuni-Palsit stretch of 63.38 km of NH-19 with the project cost of Rs 2,421 crore. With the entry in West Bengal and Himachal Pradesh, the company’s footprints have now been spread to 10 states across India.

At 09:43 am, the stock was trading 7 per cent higher at Rs 111 on the BSE as against a 0.51 per cent decline in the S&P BSE Sensex. A combined around 3.2 million equity shares changed hands on the counter on the NSE and BSE so far.

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