BRNL inks pact with CDPQ for 67 km Odisha road project sale; stock rises over 2 per cent
Bharat Road Network Limited (BRNL) has signed an agreement with India Highway Concession Trust, an infrastructure investment trust set up by Caisse de depot et placement du Quebec (CDPQ), a global institutional investor, for the sale of a road project in the state of Odisha. Bharat Road Network is the largest shareholder, with a 40 per cent stake in this project.
Reacting to this, the stock of the company today increased by 7.06 per cent and made an intraday high of Rs 36.40 per share.
Under the terms of the agreement, there will be a complete transfer of ownership of Shree Jagannath Expressway Private Limited, the special purpose vehicle (SPV) engaged in the development, operation & maintenance of the project.
The company reported a net loss of Rs 32.79 crore in Q2FY21. It had reported a loss of Rs 1.25 crore in Q2FY20. The company reported net sales of Rs 50.36 crore for Q2FY21, a decrease of 41.86 per cent as against the net sales of Rs 86.63 crore for Q2FY20.
According to BSE data, the stock traded at a price-to-book ratio of 0.24. The stock has a 52-week high and a 52-week low of Rs 72.90 and Rs 28, respectively.
At 1.31 pm on Thursday, the stock of the company was trading at Rs 34.55, up by 1.62 per cent on BSE.