CapitalMarket.com - New order boosts IL&FS Transportation Networks
Hot Pursuit Monday, March 19, 2012 11:34 Hrs IST

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New order boosts IL&FS Transportation Networks

IL&FS Transportation Networks rose 1.07% to Rs 193.65 at 11:33 IST on BSE after the company said it received a road project worth Rs 1818.47 crore from National Highways Authority of India.

The company announced the new order during trading hours today, 19 March 2012.

Meanwhile, the BSE Sensex was down 103.76 points, or 0.59% to 17,362.44.

On BSE, 5,524 shares were traded in the counter as against average daily volume of 76,988 shares in the past one quarter.

The stock hit a high of Rs 196.90 and a low of Rs 192.60 so far during the day. The stock had hit a 52-week high of Rs 256.65 on 4 April 2011. The stock had hit a record low of Rs 143.10 on 2 January 2012.

The stock had underperformed the market over the past one month till 16 March 2012, falling 10.11% compared with the Sensex's 3.79% fall. The scrip had, however, outperformed the market in the past one quarter, surging 15.95% as against the Sensex's 12.75% gain.

The mid-cap road developer has an equity capital of Rs 194.27 crore. Face value per share is Rs 10.

IL&FS Transportation Networks said it received a letter of award (LoA) for four laning Kiratpur to Ner Chowk section of National Highway (NH)-21 in Himachal Pradesh, to be executed as build-operate-transfer (BOT) (Toll) on design, build, finance, operate and transfer (DBFOT) pattern.

The project is on toll basis with a concession period of 28 years, including construction period of 3 years. The estimated cost of the project is Rs 1818.47 crore, IL&FS said in a statement. The company had quoted a grant of Rs 134.57 crore for the project, IL&FS added.

IL&FS Transportation Networks further said that the concession agreement for the captioned project was signed between National Highways Authority of India (NHAI) and Kiratpur Ner Chowk Expressway, the special purpose vehicle (SPV) incorporated by the company for undertaking the project.

On a consolidated basis, IL&FS Transportation Networks' net profit rose 42.5% to Rs 87.80 crore on 73.5% growth in net sales to Rs 1268.38 crore in Q3 December 2011 over Q3 December 2010.

IL&FS Transportation Networks is one of the largest private sector road operators in India. The company is engaged in the development, operation, and maintenance of national and state highways, roads, flyovers and bridges primarily in India.

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