Mid-Cap Construction Stock Zooms Over 7% On Receiving Rs 308 Cr From NHAI

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Mid-Cap Construction Stock Zooms Over 7% On Receiving Rs 308 Cr From NHAI
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the highway construction company IRB Infrastructure (NS: IRBI ) Developers surged 7.3% to Rs 199.6 apiece at 1:10 pm, after zooming past 12% in early trade on Thursday.

The stock jumped as the company received a part payment of Rs 308 crore from the government agency National Highway Authority of India.

The mid-cap construction company was paid 75% of the arbitration award valued at Rs 419 crore from IRB Pathankot Amritsar Toll Road, owed by the highways authority after a court victory in July 2021.

The Cabinet Committee on Economic Affairs (CCEA) had directed government agencies to pay 75% of the Arbitral Award amount against the bank guarantee to revive the construction sector. 

The aforementioned payment made to IRB Infra was in line with the CCEA’s measures. “We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cash flow access to developers in clear award scenarios till a final verdict is closed,” said the company’s CMD. 

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