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IRB Infra shares surge 8% ahead of board meet on stock split. Full details

IRB Infra shares surge 8% ahead of board meet on stock split. Full details

The company's board is scheduled to meet on Wednesday, January 4 to consider the proposal for the sub-division or split of the existing equity shares of the company

Shares of IRB Infrastructure have delivered about 60 per cent return in the last six months, whereas the stock is about 15 per cent up in the last one month Shares of IRB Infrastructure have delivered about 60 per cent return in the last six months, whereas the stock is about 15 per cent up in the last one month

IRB Infrastructure Developers continued to remain under spotlight in the first trading session of 2023, as the stock rose more than 8 per cent during the early trade on Monday. The company's board is scheduled to meet on Wednesday, January 4 to consider the proposal for the sub-division or split of the existing equity shares of the company. On Monday, shares of IRB Infrastructure jumped over 8 per cent to Rs 314, before giving up partial gains. The scrip had settled at Rs 290.40 on Friday at BSE. Last week, the company announced that its special purpose vehicle Udaipur Tollway Limited (UTL) has raised Rs 700 crore via NCDs and the proceeds would be utilized for part takeout financing of the existing project loans. The company had allotted unlisted, rated, redeemable non-convertible debentures aggregating to Rs 700 crore on a private placement basis to eligible investors, Thursday, December 29, 2022, Shares of IRB Infrastructure have delivered about 60 per cent return in the last six months from Rs 195-levels. In the last one month, the stock is about 15 per cent up from Rs 275 mark. IRB Infrastructure Developers is India’s first multinational infrastructure player in the Highways segment. It has an asset base of more than Rs 60,000 crore in 10 states across the parent company and two InvITs. Kotak Securities has a 'buy' rating on IRB Infrastructure with a target price of Rs 340 as it sees a strong visibility of revenue with an order book of Rs 20,000 crore, adjusted with GST. The EPC arm of the company is better placed than its peers on a strong order book, despite weak inflows so far from NHAI, it said. "We expect consolidated debt to come from current levels on debt repayment and new projects being taken under private InVIT." Another brokerage firm, Ventura Securities' 30-month target of Rs 729.2 remains intact. The brokerage had given this target in its report release in mid-October 2022.

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Published on: Jan 02, 2023, 1:19 PM IST
Posted by: Priya Raghuvanshi, Jan 02, 2023, 1:15 PM IST