IRB Infrastructure Shares Surge on Major NHAI Project Win

IRB Infrastructure shares jumped by 7% after securing a Toll Operate and Transfer project worth Rs 9,270 crore from NHAI in Uttar Pradesh. This opportunity is part of NHAI's asset monetization program. The project encompasses sections of two major corridors, enhancing IRB's infrastructure footprint.

Shares of IRB Infrastructure Developers soared on Monday following the company's acquisition of a significant Toll Operate and Transfer project from the National Highways Authority of India (NHAI) in Uttar Pradesh, valued at Rs 9,270 crore. The company's stock price increased by 7.04% to Rs 45.93 on the BSE, while a similar rise was observed on the NSE.

On the same day, the BSE Sensex experienced a modest rise of 156.66 points or 0.19%, reaching 84,719.44, and the NSE Nifty also climbed 37.75 points or 0.15% to 25,947.80. This stock appreciation follows the IRB Infrastructure Trust's acquisition announcement over the weekend.

The company secured the project under the NHAI's asset monetization program, covering a 366 km stretch along the Lucknow-Ayodhya-Gorakhpur corridor on NH-27 and a portion of the Lucknow-Varanasi corridor on NH-731. This concession will last for a 20-year period and strengthens IRB's presence as India's leading private toll roads and highways developer.

(With inputs from agencies.)