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IRB Infrastructure Pares Losses on Compensation for Cancelled Order

  • Shares in IRB Infrastructure Developers pared early losses and turned positive after the company said on Friday its concession agreement for a road project in Goa state has been terminated by National Highway Authority of India (NHAI). "This move by NHAI was on expected lines as IRB had removed this project from its order book in 2QFY2012," Angel broking said in a note.
  • IRB will claim compensation charges as per the provisions of the concession agreement from NHAI, the company said in a press release to stock exchange. The shares, which were down 1.70 percent, traded at 141.20 rupees, up 0.5 percent at 9.56 a.m.

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