Yoganand D
BL Research Bureau |
Updated on
May 31, 2021
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Investors with a short-term perspective can buy the stock of IRB Infrastructure Developers at current levels. On Monday, the stock gained 5.6 per cent accompanied by above average volume conclusive breaking above the key resistance at ₹110.
Further, the stock has also surpassed the 21- and 50-day moving averages and trades well above them.
Following a sharp fall in the month of March this year, the stock found support at around ₹101 in mid-April and started to trend upwards gradually. Since then, the stock has been in a near-term uptrend. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI trends upward in the neutral region. Moreover, the daily price rate of change indicator has entered the positive terrain implying buying interest.
Read more about IRB Infrastructure Developers receives completion certificate for Udaipur BOT project on Business Standard. Powered by Capital Market - Live News
IRB Infrastructure Developers gained 4.70% to Rs 108.10 after Life Insurance Corporation of India (LIC) purchased 71.29 lakh equity shares or 2.03% stake of the construction company between 16 September 2020 to 5 May 2021.
Post transaction, LIC has increased its shareholding in IRB Infra to 7.06% stake from 5.03% held earlier. The deal was executed as a market purchase.
IRB Infrastructure s consolidated net profit fell 56.5% to Rs 69.48 crore on 11.2% decline in net sales to Rs 1,547.16 crore in Q3 December 2020 over Q3 December 2019.
IRB Infra is India s largest private toll roads and highways infrastructure developer.
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IRB Infrastructure Developers has received a Letter of Award from NHAI for the project of Rehabilitation and Upgradation to Four Lane configuration & Strengthening of Punjab/HP Border to Mo from Km 11.000 to Km 42.000 (Design Length 28.700 KM) of NH-20 (New NH-154) of Pathankot-Mandi Section in the state of Himachal Pradesh on Hybrid Annuity Mode (HAM) (Package-IA).
The company s bid project cost is Rs 778.64 crore.
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IRB Infrastructure Developers added 3.13% to Rs 112.05 after the company received letter of award (LoA) from NHAI for a road project in Himachal Pradesh.
The project involves rehabilitation and upgradation to four lane configuration & strengthening of Punjab/HP border to Mo of NH-20 of Pathankot-Mandi section in Himachal Pradesh on hybrid annuity mode (HAM). The project length is 28.7 kms.
NHAI s project bid cost was Rs 758.04 crore and the company s project bid cost is Rs 778.64 crore. The construction period of the said project is 730 days and operation period is 15 years, commencing from the commercial operation date (COD).
IRB Infrastructure Developers is India s largest private toll roads and highways infrastructure developer. The company s consolidated net profit fell 56.5% to Rs 69.48 crore on 11.2% decline in net sales to Rs 1,547.16 crore in Q3 December 2020 over Q3 December 2019.