IL&FS Transportation Networks zooms 5% after it bags Ethiopian road projects

The Company in Joint Venture with Elsamex SA, a wholly owned subsidiary of the Company in Spain had submitted the bid to the Ethiopian Roads Authority, Federal Republic of Ethiopia for Design, Improvement Works and Management and Maintenance Services of (i) Nekempte – Anger Gutin-Andhode Road Section (86.10 km) and (ii) Agamsa-Bure Road Section (84.56 km) on an Output and Performance Based Road Contract (OPRC).Shares of IL&FS Transportation Networks has zoomed 5.33% and are trading at Rs. 68.20 after the company informed BSE that the Company in Joint Venture with Elsamex SA, a wholly owned subsidiary of the Company in Spain had submitted the bid to the Ethiopian Roads Authority, Federal Republic of Ethiopia for Design, Improvement Works and Management and Maintenance Services of (i) Nekempte – Anger Gutin-Andhode Road Section (86.10 km) and (ii) Agamsa-Bure Road Section (84.56 km) on an Output and Performance Based Road Contract (OPRC).
Further the Director General, Ethiopian Roads Authority has awarded the aforesaid projects for development by the Joint Venture for a period of 8 years. The Project is funded by the World Bank and the estimated total contract value is US$ 223.0 Million (approx. Rs. 1524.76 Crores).

IL&FS Transportation Networks Ltd opened at Rs. 66.5 and has touched a high and low of Rs. 69.35 and Rs. 66.2 respectively. So far 215417(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2130.02 crore.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 223.48 on 02-Mar-2015 and a 52 week low of Rs. 64 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs. 68.3 and Rs. 64 respectively.
The promoters holding in the company stood at 73.22 % while Institutions and Non-Institutions held 9.4 % and 17.39 % respectively.
The stock is currently trading above its 200 DMA.

Leave a Reply

Your email address will not be published. Required fields are marked *