MUMBAI, Aug. 19 -- Shares of IRB Infrastructure Developers jumped 16.3% after the company on Tuesday received a unanimous arbitral award of Rs.73.86 crore for one of its earlier projects in Punjab.

At 12:20 pm, IRB Infrastructure was at Rs.137.40, up 15.6% from its previous close, while the benchmark index, Sensex gained 0.40% to 38688.39.

Last month, the private roads and highways infrastructure developer had emerged as the preferred bidder for executing a stretch of the upcoming Vadodara-Mumbai Expressway at a cost of Rs.1,755 crore in Gujarat. The project is to be executed on hybrid annuity mode (HAM).

Since the beginning of the year, IRB Infrastructure has gained 83% against a fall of 6% in thSensex. From the March lows, shares of ...