Shares of Bharat Road Network rallied 20 percent to Rs 112.20 per share after the company’s arm received an arbitration award of Rs 322.77 crore against the National Highways Authority of India (NHAI) for a project in Odisha.
Orissa Steel Expressway Private Limited (OSEPL), one of the subsidiaries of the company, won the arbitration award after NHAI failed to hand over the land required for the project.
OSEPL was incorporated for four/two laning of Rimuli- Roxy-Rajamunda section of NH-215 in Odisha to be executed as build, operate and transfer (BOT toll) project on design, build, finance, operate and transfer (DBFOT) pattern.
"The project was foreclosed majorly due to delay in handing over of the requisite land from NHAI. Consequently, OSEPL had referred the matter to arbitration for settlement of its claims. Arbitration commenced on April 18, 2018 and concluded on December 15, 2018 and the award was published on March 31, 2019," the company had said in a statement.
Catch all the latest and live updates here: CNBCTV18 Market Live Blog
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM