IRB Infra Share Price 📈
IRB Infra, a leading infrastructure company in India, has witnessed a significant increase in its share price recently. This surge can be attributed to a major update announced by the company on Sunday.
On Thursday, the company’s shares closed at INR 50.70, marking a growth of over 3%. Prior to this increase, the shares had experienced a steady rise in value.
IRB Infra has directed its subsidiary, Yedeshi Aurangabad Tollway Ltd (YATL), to provide compensation of INR 1,720 crores for the delay in the construction of a highway project during the arbitration process. YATL has initiated arbitration proceedings against the National Highways Authority of India (NHAI) for extending the concession period by 870 days and demanding compensation of INR 1,751 crores.
On Tuesday, January 30, 2024, the share price of IRB Infra surged by 12.93% to reach INR 67.7.
IRB Infra Developers Limited is the sponsor of IRB Infrastructure Trust, and IRB Infra was the EPC contractor and project manager for YATL.
The company stated that due to unforeseen events and delays in construction, which were caused by NHAI and other factors, IRB Infra suffered losses. After a thorough hearing, the Arbitration Tribunal has directed NHAI to compensate IRB Infra with INR 1,720 crores, along with interest.
The Tribunal has also extended the concession period by an additional 689 days for NHAI.
In summary, IRB Infra’s share price has witnessed a significant increase due to the recent update regarding compensation in the arbitration process. This development has brought positive momentum to the company’s shares, attracting investors’ attention.
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