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IRB Infra share price rises over 4% after firm wins Rs 2,193-crore highway project

BusinessToday.In     July 13, 2020

IRB Infra share price gained over 4% intra day in today's trading session after the firm said  it secured a  Rs 2,193-crore highway project in West Bengal under the Bhartmala Pariyojna project. Share price of IRB Infra rose 4.27% to Rs 127 against previous close of Rs 121.80 on BSE.

The stock opened with a gain of 4.02% today. IRB Infra and Developer share price stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 34.5% in one year and risen 65% since the beginning of this year. In a month, the share gained 94.48%  on BSE.

Total 2.87 lakh shares changed hands amounting to turnover of Rs 3.56 crore.

Later, the stock closed 1.15% higher at Rs 123.20 on BSE.

IRB Infrastructure said the project for widening of 63.83 km stretch on National Highways-19 is its first project in eastern India and marks its entry in the ninth state in the country. The section is part of the Golden Quadrilateral Project and the firm has approximately  20% share in the same project.

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Virendra D.  Mhaiskar,  Chairman  &  Managing Director,  IRB  Infrastructure  said, "We continue  to  look  for  opportunities to expand and diversify our presence. With this win, we will enter the eastern jewel of India. We   are   committed   to build world   class   highway   infrastructure   for   the development of eastern region and  to  bring   quality connectivity with  the  rest    of  the country."

IRB  Infrastructure   Developers   Ltd  is   a private   roads   and   highways infrastructure  developer  in  India, with  an asset  base of over Rs 45,000  crore across the parent company and two InvITs.

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