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IRB Infra share hits 52-week high as company gets Rs 74 crore arbitral award

IRB Infrastructure share gained 16.79% to Rs 138.8 , fresh 52 week high  against previous close of Rs 118.85 on BSE

twitter-logoBusinessToday.In | August 19, 2020 | Updated 16:48 IST
IRB Infra share hits 52-week high as company gets Rs 74 crore arbitral award
IRB Infra share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Share of IRB Infrastructure Developers hit a fresh 52 week high today after the firm received a unanimous arbitral award of  Rs 73.86 crore for one of its earlier projects in Punjab. IRB Infrastructure share gained 16.79% to Rs 138.8 , fresh 52 week high  against previous close of Rs 118.85 on BSE.

Later, the stock closed 10.39% or 12.35 points higher at Rs 131.20.

The stock has gained after 3 days of consecutive fall. The share opened with a gain of 2.06% at Rs 121.30.

IRB Infra share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 44.81% during last one year and risen 75% since the beginning of this year.

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Total 12.24 lakh shares changed hands amounting to turnover of Rs 16.24 crore on BSE. Market cap of the firm rose to Rs 4,611 crore.

In July, the private roads and highways infrastructure developer became the preferred bidder for executing a stretch of the upcoming Vadodara-Mumbai Expressway at a cost of  Rs 1,755 crore in Gujarat. The project is to be executed on hybrid annuity mode (HAM).

From March lows, shares of IRB Infra have nearly tripled while Sensex rose 47%. On August 3, shares of IRB Infra rose 3 per cent after the firm bagged an award from NHAI for executing a stretch of Vadodara-Mumbai Expressway at a cost of Rs 1,755 crore. With this order, the company's order book stood at Rs 13,755 crore.

The company received the letter of award from NHAI for hybrid annuity project under Bharatmala Pariyojana, following July 29 announcement of being selected as a preferred bidder for the project.

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