IRB Infrastructure, a highway construction company entered into two contracts of highway development in West Bengal and Himachal Pradesh.
Thereafter, the share prices of the company went up by 6 percent on March 31.
In total the company marked its work in 10 states within the country including the new projects. The company confirmed the contract engagement on March 30.
The company received a letter of award from NHAI for a build, operate and transfer project in West Bengal. In addition, it also received Hybrid Annuity Mode in Himachal Pradesh.
Furthermore, the cost of the project in West Bengal is Rs 2,421 crore. The project includes the six-laning of the 63.38-km Dankuni-Palsit stretch of NH-19. The project assigned 910 days for establishment.
On the other hand, the Himachal Pradesh project involves four-laning of the Pathankot Mandi section of 28.700-km long. The highway taken in the project is NH-154. The cost of the project is Rs 828 crore.
Also, the time for completing the construction is 730 days.
The price of the stock at 1100 hours was Rs109.85. the intraday high was Rs 112.10. The intraday low was Rs 108.50.
Also, the value of the order books amounts to Rs 14,509 crore. This includes the two additional projects taken freshly by the company. The total cost of the new project is Rs 3,249 crore.
In the current financial year, the company successfully grabbed three projects as mentioned by the chairman of the company. Currently, the total of the orders in the financial year amounts to Rs 5,004 crore.
Besides, these total projects consist of 5 percent of the NHAI awards.
Check all the recent news updates and share market updates