IRB Infrastructure Developers witnessed a notable surge in its share price for the second consecutive session, soaring by 5.6% in Monday’s trade. The boost came after the company clinched a significant project in Madhya Pradesh and reported robust Q2 earnings. The shares opened at ₹33.94 per share on the BSE.
In the past year, IRB Infrastructure shares have exhibited a 39.98% increase, although they slightly underperformed compared to the sector by 3.48%, according to trendlyne data. Technical analysts are cautious about the stock, observing that it is currently trading within the range of a substantial black body candle formed on October 23. The anticipation is that the next significant movement will be determined if the stock either falls below ₹32 or rises above ₹36.
The National Highways Authority of India (NHAI) issued a letter of award for the ₹4,428 crore Lalitpur Lakhnadon NH44 TOT 12 Project to IRB Infrastructure Developers, the Private InvIT of IRB, as confirmed in an exchange filing released on Sunday. With the formation of the project’s Special Purpose Vehicle (SPV), the Trust is now poised to execute the concession agreement and proceed with the financial close within the stipulated period.
This project’s award will bolster IRB’s order book by ₹3,900 crore. Out of this, ₹3,300 crore will be allocated to Operations and Maintenance (O&M) activities, while ₹600 crore will be directed towards Engineering, Procurement, and Construction (EPC) efforts.
The Trust had recently emerged as a Preferred bidder for about 316 Kms (around 1,264 lane kms) long stretch under Toll-Operate-Transfer (TOT) model for the revenue linked Concession of 20 years; thus, marking entry in the State of Madhya Pradesh – 12th Indian State for IRB Group.
We are proud to take our footprint to the State of Madhya Pradesh, the 12th one for us by adding this prestigious project to our portfolio. This has taken our asset base to ₹75,000 Crs in Amrit Kaal and share in TOT space to 42%, the largest by any private player in India,” said Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd.
He added, “We express our sincere gratitude towards all authorities and stakeholders for high trust and confidence shown in our rich domain knowledge, expertise, and execution capacities. We are committed to bring the World Class commuting experience to the people of Madhya Pradesh.” (Mint reported)
