IL&FS Transportation up 4% on rail over bridges order

Mumbai: IL&FS Transportation Networks shares jumped 4 percent intraday on Tuesday on getting letter of award for development of 8 rail overbridges in Gujarat. “The roads & building department, Government of Gujarat has issued a letter of award for development of 8 railway over bridges (ROBs) in Gujarat under PPP mode on annuity basis,” said the company in its filing to the exchange. The development of the project will be undertaken through a subsidiary of the company, it added. The project has a concession period of 17.5 years (including construction period of 2.5 years) at a total project cost of Rs 250.85 crore. The semi-annual annuity payable will be Rs 21.99 crore for a period of 15 years, said the company. At 12:48 hours IST, the scrip of IL&FS Transportation Networks was quoting at Rs.223.20, up Rs.5.50, or 2.53 percent on the BSE.