The Indian Hume Pipe Company Limited gets arbitration award from NHAI

The Indian Hume Pipe Company Limited's part of land of admeasuring about 40,888 Sq. ft of its erstwhile Yelhanka Bengaluru factory was acquired by National Highway Authority in the year 2011 and the Company had received compensation of Rs.5,86,38,251/- in the year 2012. The Company had filed petition before the Arbitrator under the National Highways Act, 1956 seeking additional compensation. The Company has received an Award on 9th August, 2021 from Arbitrator, Bangalore Urban District, Bangalore, under the National Highways Act, 1956 and the provisions of the Arbitration and Conciliation Act, 1996 (26 of 1996) shall apply to every arbitration under the National Highways Act. The Arbitrator has awarded additional compensation of Rs.7,81,36,968/- to the Company and granted interest @ 9% per annum from the date of handing over the acquired land to National Highways Authority and up to the date of depositing the amount by the National Highway Authority, Bangalore with Special Land Acquisition Officer and Competent Authority, NHIA, Bangalore.

Shares of Indian Hume Pipe Co. Ltd., was last trading in BSE at Rs. 218 as compared to the previous close of Rs. 215. The total number of shares traded during the day was 7871 in over 497 trades.

The stock hit an intraday high of Rs. 218 and intraday low of 202.4. The net turnover during the day was Rs. 1641816.

Source : Equity Bulls

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