The share of roads segment in the total infrastructure projects awarded by the government improved to 29.2% in the first seven months of 2021 from 15.3% in the year-ago period. This reflects the governments increasing thrust on road development.
Read more about IRB Infra rallies after HDFC MF acquires stake on Business Standard. IRB Infrastructure Developers spurted 4.14% to Rs 116.90 after HDFC Mutual Fund bought 0.71% stake via bulk deals on 31 May 2021.
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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)