Rs. 2,288 crore contract working in favour of IL&FS in the markets

Shares of IL&FS Transportation Networks, a mid-sized construction firm, rose more than 2 percent after the company said it won a contract from the government for expanding a highway in Maharashtra.

ITNL said it won a bid worth `2,288 crore rupees from the state of Maharashtra for 4-laning a 194 kilometer stretch on National Highway 6. The contract has a concessional period of 19 years and will work on Build-Operate-Transfer basis, ITNL said in a note to exchanges.

ITNL rose 2.2 percent, or 1.5 rupees, to 150 rupees on the National Stock Exchange, where 1.56 lakh shares were traded in the first 2 hours of trade compared with the 5-day average of 3.03 lakhs.

ITNL's market capitalisation has fallen 36 percent in the past one year to 3,600 crore rupees as investors mostly shied away from companies that get a majority of their business from the government.

(Image credits: Indiatimes)