India's IRB Infrastructure set for record close on favourable tribunal order

IRB Infrastructure Developers

29/01/2024 09:49

** Shares of IRB Infrastructure Developers  IRBI.NS  rise
19% to 60.3 rupees and look set for a record close
    ** Arbitration tribunal ordered National Highways Authority
to India (NHAI) to pay 17.2 bln rupees (around $207 mln) to a
project SPV of IRB Infrastructure Trust due to delays
    ** IRB, the contractor for the project, to get 16.81 bln
rupees (~$202 mln) of the total
    ** Around 164.5 mln shares of highways builder traded, 4.7x
the 30-day avg volume
 
 ($1 = 83.1150 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))