NHPC Ltd, Prestige Estates Projects Ltd, Chennai Petroleum Corporation Ltd and IIFL Finance Ltd are among the other gainers in the BSE's 'A' group today, 20 January 2020.

IRB Infrastructure Developers Ltd spiked 15.27% to Rs 115.85 at 11:48 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 7.05 lakh shares were traded on the counter so far as against the average daily volumes of 2.39 lakh shares in the past one month.

NHPC Ltd soared 10.12% to Rs 26.65. The stock was the second biggest gainer in 'A' group. On the BSE, 47.07 lakh shares were traded on the counter so far as against the average daily volumes of 66514 shares in the past one month.

Prestige Estates Projects Ltd surged 7.80% to Rs 403.65. The stock was the third biggest gainer in 'A' group. On the BSE, 54093 shares were traded on the counter so far as against the average daily volumes of 19080 shares in the past one month.

Chennai Petroleum Corporation Ltd rose 6.62% to Rs 155.35. The stock was the fourth biggest gainer in 'A' group. On the BSE, 1.37 lakh shares were traded on the counter so far as against the average daily volumes of 56885 shares in the past one month.

IIFL Finance Ltd gained 5.84% to Rs 157.7. The stock was the fifth biggest gainer in 'A' group. On the BSE, 34889 shares were traded on the counter so far as against the average daily volumes of 27869 shares in the past one month.

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The Board of IRB Infrastructure Developers at its meeting held on 06 December 2019 has approved the issuance of Secured, Redeemable, Unlisted Non-Convertible Debentures (NCDs) amounting to Rs. 1,400 crore on a private placement basis, being proposed to beallotted in one or more tranches/series.

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IRB Infrastructure Developers will hold a meeting of the Board of Directors of the Company on 6 December 2019.

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HCC (up 19.9%), IRB Infrastructure Developers (up 11.05%), Man Infraconstruction (up 10.72%), KNR Constructions (up 6.4%), Patel Engineering (up 4.41%), Sadbhav Infrastructure (up 4.35%), Dilip Buildcon (up 3.74%), Ashoka Buildcon (up 3.67%), Sadbhav Engineering (up 3.58%) and NCC (up 3.44%) soared higher.

Under Toll-Operate-Transfer (TOT) model, the highest bidder wins the rights to operate and maintain operating roads for 30 years, with rights to toll revenues from these road assets.

The Cabinet has now allowed NHAI to monetize under TOT all those public-funded national highway projects which are operational and have toll revenue generation history of one year after the Commercial Operations Date. Earlier, the highways had to be operational for at least two years to enable participation in TOT.

Around 75 operational National Highway (NH) projects have been identified for potential monetization using the TOT Model, and bundled into 10 separate bids to attract economics of scale for the private sector. The corpus generated from proceeds of such project monetization shall be utilized by the Government to meet its fund requirements regarding future development and O&M of highways in the country. The Model would facilitate efficient toll realization through private sector.

The monetization will be subject to approval of the competent authority in ministry of road transport and highways.

NHAI has already monetized one bundle of projects under TOT Model, generating a revenue of Rs 9681.50 crore for the government. However, the second bundle saw deviation in the market valuation of assets from NHAI's valuation. NHAI has conducted several rounds of discussions with the private sector to reduce uncertainty in the Model. The approved amendments in the model will allow more efficient asset monetization through TOT Mode.

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