IRB Infrastructure closes operations at all toll plaza; stock surges 10%

The company also stated that the prevailing condition may be treated as Force Majeure of Concession Agreement and Project SPVs are entitled for relief as per terms of the Concession Agreement.

Mar 26, 2020 09:03 IST India Infoline News Service

IRB Infrastructure Developers (IRB) informed the exchanges today that as per the directions of the Ministry of Road Transport & Highways (MoRTH)/National Highway Authority of India (NHAI), in order to follow MHA guidelines about commercial and private establishment in the wake of COVID-19 epidemic in the country, operations at all toll plaza of the Project SPVs of the Company have been closed down w.e.f. 26th March, 2020.

The company also stated that the prevailing condition may be treated as Force Majeure of Concession Agreement and Project SPVs are entitled for relief as per terms of the Concession Agreement.

Stock view:
IRB Infrastructure Developers Ltd is currently trading at Rs53.75 up by Rs5.3 or 10.94% from its previous closing of Rs48.45 on the BSE.
The scrip opened at Rs50.35 and has touched a high and low of Rs58.10 and Rs49.40 respectively. So far 18,83,840 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,702.78cr.

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