IL&FS Transportation Networks (ITNL) is trading higher by 8% to Rs 220 after the National Highways Authority of India (NHAI) declared the company as preferred bidder for Rs 1,818 crore road project.

“The company was declared as the preferred bidder by the NHAI for four laning of Kiratpur to Ner-Chowk Section of NH-21 from in the state of Himachal Pradesh on Design Build Finance Operate Transfer (DBFOT) pattern under NHDP Phase-III," the road and highways maker said in a filing to the stock exchanges.

The project is on toll basis with a concession period of 28 years including construction period of 3 years and the estimated cost of the project is Rs 1,818 crore. The company had quoted a grant of Rs 134.57 crore for the project, it added.

The stock opened at Rs 205 and hit a high of Rs 222 on the BSE. A combined 40,000 shares have changed hands on the counter so far on both the exchanges.