IRB Infra shares rally on $1.5-bln road contract

Reuters Updated - January 19, 2018 at 01:55 PM.

Shares of IRB Infra today bucked the weak trend due to $1.5-billion road contract.

The shares gained as much as 11 per cent.

The stock was among the top gainers in BSE large caps even as the 50-share NSE index fell 1 per cent.

Today is the biggest single day percentage gain since July 10, 2014; the stock has hit its highest intraday level since October 20.

The company has bagged a road project in Jammu and Kashmir worth Rs 10,050 crore($1.51 billion).

IRB Infra will receive semi-annual annuity of Rs 981 crore after the completion of construction.

($1 = 66.3800 Indian rupees)

Published on January 4, 2016 05:05