​Shares of IRB Infrastructure Developers are edging up

IRB Infrastructure Developers Ltd., a leading road construction company, said it had won a contract to expand the road network in Uttar Pradesh on a toll-basis, prompting the stock to edge up in trade on Thursday.

IRB Infra said it won an order from the NHAI to six-lane 123 kilometres of the highway between Agra and Etawah at an estimated cost of 2,650 crore rupees. The construction period is 910 days and IRB Infra will construct the highway on a Built-Operate-Transfer basis. It will collect toll for 24 years on the road.

IRB Infra rose 2.80 rupees, or 1.3 percent, to 223.50 rupees on the National Stock Exchange where 7.5 lakh shares were traded versus the 5-day average of 24.6 lakhs.

IRB Infra has seen its market capitalisation fall 15 percent in the past one year to 7,800 crore rupees and the stock trades at 1.74 times its book value of 129 rupees.