IRB Infra Developers Stock Climbs 7% As Firm Bags ₹9,270 Cr Project From NHAI

Shares of IRB Infrastructure Developers on Monday climbed by 7% on the bourses after the company bagged a package toll operate and transfer project from NHAI in Uttar Pradesh for ₹9,270 crore.

The scrip of the company jumped 7.04% to ₹45.93 apiece on the BSE.

On the NSE, IRB Infrastructure's shares appreciated by 6.96% to ₹45.95 per piece.

The 30-share BSE Sensex rose 156.66 points, or 0.19%, to 84,719.44 in the morning trade, while the NSE Nifty went up 37.75 points, or 0.15%, to 25,947.80.

On Saturday, IRB Infrastructure Trust said it has bagged a package Toll Operate and Transfer (TOT) project from NHAI in Uttar Pradesh for an upfront consideration of₹9,270 crore.

The project is part of NHAI's asset monetisation programme announced earlier.

IRB Infrastructure Trust has received Letter of Award from NHAI for bundle covering 366 km of the Lucknow-Ayodhya-Gorakhpur corridor on NH-27, and part of Lucknow-Varanasi corridor on NH-731, for a revenue linked concession period of 20 years, IRB Infrastructure Developers, the manager for the project said.

IRB Infrastructure Trust is the private InvIT (infrastructure investment trust) sponsored by IRB Infrastructure Developers.

As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 80,000 crore in 12 states across the parent company and two InvITs