This multi-bagger infra stock hits all-time high in trade; here is why
As of 10:37 a.m., shares of IRB Infrastructure Developers traded 12.92 per cent or Rs 6.54, higher on the BSE at Rs 57.2 apiece.
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Shares of IRB Infrastructure Developers hit an all-time high on the BSE in the morning deals on Monday (January 29). The stock jumped after Yedeshi Aurangabad Tollway Ltd. (YATL), a special-purpose vehicle of the IRB Infrastructure Trust, won an arbitration award of Rs 1,720 crore for a highway project.
As of 10:37 a.m., shares of IRB Infrastructure Developers traded 12.92 per cent or Rs 6.54, higher on the BSE at Rs 57.2 apiece. The market capitalisation of the company at around the same time stood at Rs 34,543.08 crore.
As per the filing, the YATL had initiated arbitration proceedings against the National Highways Authority of India (NHAI) after the authority disputed the company's claim for the extension of the concession period by 870 days and compensation of Rs 1,751 crore.
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The arbitration was based on the compensation payable to the IRB for time and cost overruns suffered during the construction period on account of delays attributable to the NHAI and certain Force Majeure events, it added.
IRB Infrastructure Developers Ltd is the sponsor of IRB Infrastructure Trust. IRB was the EPC contractor for YATL and continues to be the project manager for YATL.
After thoroughly hearing both sides, the statement said the Arbitration Tribunal has directed NHAI to pay compensation of Rs 1,720 crore, including interest payable as of the date of the award.
The Arbitration Tribunal has directed NHAI to grant an extension of 689 days to the concession period, the statement added. IRB incorporated YATL for the implementation of the Yedeshi Aurangabad NH211 BOT highway project and executed the concession agreement in May 2014.
IRB Infra share price: Past performance
In a year, the stock of IRB Infra has gained over 112 per cent, outperforming the Nifty50's rise of over 22 per cent.
(With input from agencies.)
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