IRB

April 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - GROSS TOLL COLLECTION FOR MARCH INCREASED BY 21 % Y/Y

Source text: ID:nBSE7Y89f0

Further company coverage: IRBI.NS

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Feb 5 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - TO CONSIDER ISSUE OF BONUS EQUITY SHARES

Source text: ID:nBSE1dHmcX

Further company coverage: IRBI.NS

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Adds revised estimates

By Ashwin Manikandan and Komal Salecha

MUMBAI, Feb 1 (Reuters) - India's federal government will spend a record 12.2 trillion rupees ($133.08 billion) on infrastructure in fiscal year 2027, an 11.4% annual rise, as Asia's third-biggest economy pledged to accelerate growth amid a volatile global environment.

India has significantly raised infrastructure spending after the COVID-19 pandemic, aiming to boost economic growth and create more jobs in the world's most-populous country. The federal budget, presented on Sunday by Finance Minister Nirmala Sitharaman, made a fresh bet on the country's manufacturing sector.

The government's capex plan for the ongoing fiscal year ending March 2026 was revised to 10.95 trillion rupees, as per revised estimates in the budget documents. This is lower than the 11.21 trillion rupees earmarked for the year, which was the highest on record back then.

"The capex outlay for fiscal year 2027 looks a bit modest and misses market expectations slightly, but overall, a positive for the manufacturing sector. It will also be good for private sector capex," said Amit Anwani, an analyst at Prabhudas Lilladher.

Shares of capital goods companies such as Larsen & Toubro LART.NS, IRB Infra IRBI.NS, NBCC NBCC.NS, Action Construction ACEL.NS jumped between 1.3% and 4% on higher capex spending and announcements to scale up infrastructure development.

India's economy has so far withstood punitive U.S. tariffs imposed by President Donald Trump. Economic growth for the current fiscal year has been forecast at 7.4%, with the help of government infrastructure spending and income and consumption tax cuts.

($1 = 91.6710 Indian rupees)

(Reporting by Ashwin Manikandan and Komal Salecha; Editing by Janane Venkatraman)

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Jan 7 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• GROSS TOLL COLLECTION FOR DECEMBER 25 INCREASED BY 12% Y-O-Y

Source text: ID:nBSE8SQSCp

Further company coverage: IRBI.NS

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By Vibhuti Sharma and Aditya Kalra

MUMBAI Oct 29 (Reuters) - KKR-backed Vertis Infrastructure Trust in India has selected Axis Capital and two other investment banks to manage its up to $568 million Indian initial public offering, investment banking sources said.

They said the company planned to seek regulatory approval for the offering before December.

A planned IPO for Vertis comes as Indian markets are trading near record highs. Companies have raised $16 billion so far this year via India's public markets, making it the world's third-largest market for debuts, according to Dealogic.

Vertis Infrastructure Trust, which is also backed by the Ontario Teachers' Pension Plan, is a so-called InvIT, or an infrastructure investment trust. These are schemes that allow investors to pool funds into income-generating infrastructure projects.

Vertis' plans to raise up to $568 million via an IPO have been previously reported. But three sources familiar with Vertis' plans told Reuters it is planning to file papers seeking regulatory clearance within weeks, before the end of December.

The sources added that India's Axis Capital, Ambit Capital and Avendus Capital were the three bankers appointed for the deal.

Vertis and the investment banks did not respond to requests for comment.

The company's current target for listing is the second quarter of 2026, one of the banker sources said.

Many private infrastructure investment trusts are seeking to go public on India's stock exchanges in an effort to broaden their investor bases and enhance liquidity for existing stakeholders.

India currently has 27 InvITs, but only six are publicly listed. Vertis Infrastructure Trust manages assets worth around $3 billion, according to its website.

(Reporting by Vibhuti Sharma in Mumbai and Aditya Kalra in New Delhi; Additional reporting by Vivek Kumar M in Bengaluru; Editing by Thomas Derpinghaus)

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Oct 8 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE - APPROVED INVESTMENT IN IRB INVIT FUND FOR UP TO 7.53 BILLION RUPEES

Source text: ID:nBSEcdY3dH

Further company coverage: IRBI.NS

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** Shares of IRB Infrastructure Developers IRBI.NS rise as much as 3.6% to 43.75 rupees, last up 1.5%

** Highway construction co's gross toll revenue for August rose 12% Y/Y to 5.63 bln rupees ($64 mln)

** Stock set to snap three session losing streak

** IRBI down ~25% YTD

($1 = 87.9650 Indian rupees)

(Reporting by Vijay Malkar)

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June 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - GROSS TOLL COLLECTION FOR MAY 2025 INCREASED BY 9% Y-O-Y

Source text: ID:nNSEFCVCh

Further company coverage: IRBI.NS

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April 8 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• GROSS TOLL REVENUE FOR MARCH 2025 INCREASED BY 16% Y/Y

Source text: ID:nBSE3vkTw

Further company coverage: IRBI.NS

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Adds analyst comment in paragraph 5, ratings agency's forecast in paragraph 12

By Hritam Mukherjee

Feb 1 (Reuters) - Indian infrastructure and cement stocks declined in a special trading session on Saturday, as investors were disappointed by the 'modest' hike in capital spending announced in the annual budget.

The infrastructure index .NIFTYINFR reversed gains following the budget presentation, and closed 1% lower. Sector bellwether Larsen & Toubro (L&T) LART.NS ended 3.4% lower, its sharpest one-day fall in more than 3 months.

The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1.

"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.

"The budget proposals seem to focus a lot on consumption this time around... but the negative surprise has come from the shift of focus on government capex in infrastructure development," said Mirae Asset Sharekhan's Gaurav Dua.

IRB Infrastructure Developers IRBI.NS, which constructs highways, declined 3%.

"With corporate balance sheets fairly strong, (the) government wants private sector to step up on capex," the company's Chairman Virendra D. Mhaiskar said.

Shares of cement makers, which are key beneficiaries of government spending, fell on worries that of a slow demand recovery.

UltraTech ULTC.NS, the country's largest cement maker by capacity, fell as much as 6% before ending 2% lower.

Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS fell 2% each, while Shree Cement SHCM.NS dropped 3%.

Top cement executives have flagged that government spending hasn't picked up substantially since the national elections in 2024, with volumes growing sluggishly in the third quarter nearly across the board.

Cement demand is likely to log single-digit percentage growth in fiscal year 2026, India Ratings and Research said.

India is the world's second-largest cement producer, and the domestic industry is expected to grow 4%-5% in fiscal year 2025, significantly slower than the 8% and 12% growth seen in 2022 and 2023, data from ratings agency Crisil showed.

(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Yagnoseni Das; Editing by Varun H K)

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Dec 16 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• EXECUTION OF AGREEMENTS FOR GANGA EXPRESSWAY PROJECT

• ENTERED AGREEMENT FOR ACQUISITION BY PRIVATE INVIT OF 80.40% STAKE IN MBEL

Source text: ID:nBSE2xT3Ch

Further company coverage: IRBI.NS

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** Shares of IRB Infrastructure Developers IRBI.NS down 4.3% to 51.7 rupees

** Highways and bridges maker reported a 9% drop in Q2 consol rev

** At least 4 of 6 brokerages cut TP, lowering the median to 67 rupees - LSEG data

** HDFC Securities ("add") cuts by 4% on delay in project execution

** Antique Stock Broking ("buy") cuts TP by 5% on declining order book in road, construction segments

** Motilal Oswal ("neutral") cuts by TP by 1.6% due to lower execution in construction business

** Analysts' avg rating on stock is "buy" -LSEG data

** Stock is up 1.7% so far this week, on track to snap five straight weeks of losses

(Reporting by Manvi Pant in Bengaluru)

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Oct 30 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS SEPT-QUARTER CONSOL NET PAT 998.7 MILLION RUPEES

• IRB INFRASTRUCTURE DEVELOPERS SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 15.86 BILLION RUPEES

Source text: ID:nBSE9VFJvP

Further company coverage: IRBI.NS

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Oct 14 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS- APPROVES TAP ISSUANCE OF ADDITIONAL USD-DENOMINATED NOTES FOR UP TO $200 MILLION

Source text for Eikon: [ID:]

Further company coverage: IRBI.NS

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Oct 8 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• SEPTEMBER GROSS TOLL COLLECTION INCREASE 19% Y/Y

Source text for Eikon: ID:nBSE2Rf6sz

Further company coverage: IRBI.NS

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Sept 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS - AUGUST TOLL COLLECTION INCREASES ABOUT 20% Y/Y

Source text for Eikon: ID:nNSE3PlKdC

Further company coverage: IRBI.NS

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Aug 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD JUNE-QUARTER CONSOL NET PAT 1.40 BILLION RUPEES

• IRB INFRASTRUCTURE DEVELOPERS LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 18.53 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: IRBI.NS

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July 10 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• JUNE TOLL REVENUE OF IRB INFRA & IRB INFRASTRUCTURE TRUST UP 35% Y/Y

Source text for Eikon: ID:nBSE51KfSh

Further company coverage: IRBI.NS

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** Shares of IRB Infrastructure Developers IRBI.NS down 6.4% at 65.67 rupees

** Stock falls as much as 10.2% in early trade before recouping some losses

** More than 444.4 mln shares traded in 80 block deals at 64 rupees-66 rupees, as per National Stock Exchange data, a ~6%-9% discount to IRBI's closing price on Monday

** Cintra, a unit of Dutch infra firm Ferrovial FERF.AS, plans to sell 5% stake in IRBI to raise around $228 mln, Moneycontrol reports

** Cintra, which owns 24.86% stake in IRBI, did not immediately respond to Reuters' requests for comment; IRBI also yet to comment

** Stock down ~15% in last two sessions, its worst two-day fall in over 1 year

** IRBI up 58% YTD, its fifth straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Ashoka Buildcon ABDL.NS surges 13.8% to a record high of 212 rupees

** Fellow highway maker IRB Infrastructure IRBI.NS jumps 7% on reporting over 30% rise in toll collection for May

** ABDL last up ~12%, set for best one-day rise since Jan 9 and taking YTD gains to ~50%

** Trading vol tops 11 mln shares for first time since Jan 9

** IRB and Ashok Buildcon expected to benefit from 3%-5% hike in road toll charges from last Monday

(Reporting by Anuran Sadhu in Bengaluru)

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June 6 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - MAY TOLL COLLECTION INCREASE ABOUT 30% Y/Y

Source text for Eikon: ID:nBSE9skBDK

Further company coverage: IRBI.NS

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Repeats story that ran on Sunday, with no changes

By Manoj Kumar

NEW DELHI, June 2 (Reuters) - India will hike road toll charges across the country by 3-5% from Monday, officials said, after putting the annual increase on hold in April due to the country's general elections.

Toll charges in India are revised annually in line with inflation and highway operators put notices in local newspapers announcing hikes of 3% to 5% at nearly 1,100 toll plazas from Monday.

"As the election process is over, the revision of user fee (toll) rates, which was put on hold during the elections, would become effective from June 3," a senior official at the National Highways Authority of India told Reuters.

The official said hikes in toll charges and taxation on fuel products help pay for the expansion of national highways, but opposition parties and many motorists criticise the annual rise in charges, saying they increase transport costs of essential commodities and burden commuters.

High operators like IRB Infrastructure Developers IRBI.NS and Ashok Buildcon Ltd ABDL.NS will benefit from the toll increases.

India has invested billions of dollars over the last decade to expand the national highways, with a total length of about 146,000 kilometres, the second-largest global road network.

Toll collections jumped to more than 540 billion rupees ($6.5 billion) in the 2022/23 fiscal year from 252 billion in 2018/19, helped by a rise in road traffic as well as by increases in the number of toll plazas and charges.

India's general election concluded on Saturday with Prime Minister Narendra Modi's Bharatiya Janata Party (BJP)-led alliance projected to win a big majority, TV exit polls showed.

($1 = 83.4240 Indian rupees)

(Reporting by Manoj Kumar; Editing by Susan Fenton)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

By Manoj Kumar

NEW DELHI, June 2 (Reuters) - India will hike road toll charges across the country by 3-5% from Monday, officials said, after putting the annual increase on hold in April due to the country's general elections.

Toll charges in India are revised annually in line with inflation and highway operators put notices in local newspapers announcing hikes of 3% to 5% at nearly 1,100 toll plazas from Monday.

"As the election process is over, the revision of user fee (toll) rates, which was put on hold during the elections, would become effective from June 3," a senior official at the National Highways Authority of India told Reuters.

The official said hikes in toll charges and taxation on fuel products help pay for the expansion of national highways, but opposition parties and many motorists criticise the annual rise in charges, saying they increase transport costs of essential commodities and burden commuters.

High operators like IRB Infrastructure Developers IRBI.NS and Ashok Buildcon Ltd ABDL.NS will benefit from the toll increases.

India has invested billions of dollars over the last decade to expand the national highways, with a total length of about 146,000 kilometres, the second-largest global road network.

Toll collections jumped to more than 540 billion rupees ($6.5 billion) in the 2022/23 fiscal year from 252 billion in 2018/19, helped by a rise in road traffic as well as by increases in the number of toll plazas and charges.

India's general election concluded on Saturday with Prime Minister Narendra Modi's Bharatiya Janata Party (BJP)-led alliance projected to win a big majority, TV exit polls showed.

($1 = 83.4240 Indian rupees)

(Reporting by Manoj Kumar; Editing by Susan Fenton)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

** Shares of IRB Infrastructure Developers IRBI.NS rise 3.5% to 68.40 rupees, set for best day in 4 weeks

** Highways and bridges maker reports 45.1% Y/Y rise in Q4 profit, while rev rose 27.2%

** Stock on track to snap two consecutive sessions of losses

** Average rating of six analysts covering the stock is "buy"; median PT is 65.50 rupees - LSEG data

** Stock's rise takes YTD gains to ~65%

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

May 7 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS MARCH-QUARTER CONSOL NET PAT 1.89 BILLION RUPEES VERSUS PROFIT 1.3 BILLION RUPEES

• IRB INFRASTRUCTURE DEVELOPERS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 20.61 BILLION RUPEES VERSUS 16.2 BILLION RUPEES

Source text for Eikon: ID:nBSE6tYkHb

Further company coverage: IRBI.NS

(([email protected];;))

By Manoj Kumar

NEW DELHI, April 1 (Reuters) - India on Monday put on hold a proposed hike in road toll charges, in a move that will be welcomed by millions of motorists, truckers and commercial vehicle owners just ahead of a general election.

The annual hike in road toll charges would have benefited highway operators like IRB Infrastructure Developers IRBI.NS and Ashok Buildcon Ltd ABDL.NS while putting an extra burden on commuters and businesses who could see freight rates rise as a result.

"The revision of user fee (toll) rates with effect from April 1 has been put on hold after taking permission from the Election Commission," a senior official at National Highways Authority of India told Reuters.

India will hold a general election in seven phases from April 19 to early June. Prime Minister Narendra Modi and his regional allies are aiming for a comfortable win against an alliance of two dozen opposition parties.

Highway operators have already put notices in local newspapers about hikes in toll charges of 3% to 5% at nearly 1,100 toll plazas from April 1. Toll charges are revised annually in line with inflation.

Opposition parties and commuters had criticised the proposed toll hikes as both tolls and fuel prices have gone up significantly since Modi came to office.

The government says hikes in toll charges and taxation on fuel products help pay for the expansion of national highways.

Separately, the election commission also allowed the government to put on hold the proposed annual hike in electricity tariffs till the completion of the election process, the government statement said.

India's toll collections have jumped to more than 540 billion rupees ($6.5 billion) in the 2022/23 fiscal year from 252 billion in 2028/19, helped by a rise in road traffic as well as by increases in the number of toll plazas and charges.

($1 = 83.3600 Indian rupees)

(Reporting by Manoj Kumar; Editing by Hugh Lawson)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

** IRB Infrastructure Developers' IRBI.NS shares up 7% at 57.70 rupees

** Kotak Institutional Equities upgrades company's shares to "add" from "sell", raises PT to 65 rupees from 60 rupees

** New concession model by India's highways authority will benefit companies such as IRBI - brokerage

** Brokerage expects medium-term pipeline for built-operate-transfer projects at around 2 trillion rupees over next two years

** Companies such as IRB with strong balance sheet could be key beneficiary and could garner healthy market share - brokerage

** IRBI shares up ~39% YTD, after gaining 43% last year

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Adds detail on IRB Infrastructure Trust in paragraph 3, detail from filing in paragraphs 5 and 6

March 14 (Reuters) - Spanish construction giant Ferrovial FERF.AS said on Thursday it will buy a 24% stake in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India, for 740 million euros (about $810 million).

The group will acquire this stake from affiliates of Singapore's sovereign fund GIC, which currently owns a 49% stake in IRB Infrastructure Trust, Ferrovial said in a filing to Spanish stock market regulator CNMV.

IRB Infrastructure Trust has a pipeline of three additional concessions in a country that is expanding its highways and plans to invest around 240 billion euros in roads until 2025, Ferrovial said, citing a report by India's Department of Economic Affairs.

The transaction is expected to close by the end of April, subject to regulatory approvals.

Ferrovial said the deal completes its investment in the Indian market after reaching its internal size target.

The Spanish group, which manages highways in North America and Europe, also holds a 24.86% stake in IRB Infrastructure Developers, an Indian infrastructure company that is one the country's largest toll road developers.

GIC's affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will keep its current 51% stake, it said.

($1 = 0.9140 euros)

(Reporting by Matteo Allievi and Corina Pons, editing by David Latona and Savio D'Souza)

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** Shares of IRB Infrastructure Developers IRBI.NS up 5% at 63.8 rupees before trimming gains to last trade 2% higher

** Stock gains after IRBI says Feb gross toll collection at 4.62 bln rupees ($55.84 mln), up 31.4% y/y

** Co, which develops transport infrastructure for highways, set to snap three straight sessions of losses if gains hold

** IRBI, however, on track for fourth straight weekly loss

** Avg of 5 analysts rate stock 'buy', median price target is 60 rupees - LSEG data

** Stock up 49% YTD, after climbing last four years

($1 = 82.7325 Indian rupees)

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

Recasts paragraph 1, adds details from paragraph 2-5

By Bhakti Tambe

MUMBAI, March 1 (Reuters) - India's IRB Infrastructure Developers IRBI.NS has raised $540 million through dollar-denominated bonds maturing in eight years at a 7.11% coupon, a senior company official said on Friday.

The private roads and highways developer received over $2 billion in bids, reflecting an oversubscription of about four times, with final participation from over 115 investors worldwide.

The "overwhelming response" received on the issuance is a testimony of investor confidence in the company’s commitment towards infrastructure development, Virendra Mhaiskar, chairman and managing director of IRB Infrastructure Developers, told Reuters on Friday.

The bond issue will enable the company to diversify and strengthen its funding sources while establishing long-term relationships with international capital market investors, he added.

The issue has a weighted average life of seven years and three months, a yield of 7.125%, with proceeds earmarked for refinancing purposes.

Deutsche Bank, Barclays, Citigroup, CLSA, J.P.Morgan, and Standard Chartered Bank were the joint bookrunners for the issue.

The notes are expected to be rated BB+ by Fitch and Ba2 by Moody's.

(Reporting by Bhakti Tambe; Editing by Mrigank Dhaniwala and Dhanya Ann Thoppil)

(([email protected]; Reuters Messaging: [email protected] Twiter: https://twitter.com/TambeBhakti))