Bharat Road Network Ltd's associate company terminates NHAI concession agreement

Kurushetra Expressway Private Limited (KEPL), an associate of Bharat Road Network Ltd has vide its letter dated 07.10.2021 submitted notice of Termination of project as per Concession Agreement dated 13.07.2010 with National Highways Authority of India (NHAI) due to forceful suspension of toll collection/ User Fee on account of the farmers agitation / protest which amounted to a Force Majeure Event under the Concession Agreement with NHAI.

The Company will have to provide for an appropriate amount towards impairment in investment which will be worked out in terms of the provision of the Concession Agreement. The amount of impairment is being evaluated and will be announced along with Q2 results.

Shares of Bharat Road Network Limited was last trading in BSE at Rs. 30.45 as compared to the previous close of Rs. 30.60. The total number of shares traded during the day was 8255 in over 162 trades.

The stock hit an intraday high of Rs. 31.90 and intraday low of 30.15. The net turnover during the day was Rs. 254211.00.

Source : Equity Bulls

Keywords

BharatRoadNetwork INE727S01012 BRNL RoadsandHighways