IL&FS Transportation up 5%, JV lowest bidder for Chennai metro

Moneycontrol BureauShares of IL&FS Transportation Networks gained 5.2 percent intraday Wednesday as it has emerged as a lowest bidder for Chennai metro station."The company and its JV partner PJSC Kyivmetrobud (in the ratio of 70:30) had submitted bids with the Chennai Metro Rail on item rate basis for design validation and construction of works of underground station," as per company release.The joint venture has emerged as the lowest bidder for the development of the project.The JV had quoted an amount of Rs 371.218 crore for the project and to be completed in a period of 20 months.At 09:26 hrs IL&FS Transportation Networks was quoting at Rs 101.50, up Rs 1.70, or 1.70 percent on the BSE.Posted by Rakesh Patil