IRB Infrastructure Developers share price surged 7% to touch a 52-week high on Tuesday’s trading session after the company’s toll collection jumped 26% year over year (YoY) to ₹488 crore from ₹388 crore. The IRB Infrastructure Developers Ltd share price opened at ₹43.50 apiece on BSE and touched an intraday high of ₹45.15 and a low of ₹43.50.
According to Riyank Arora, Technical Analyst at Mehta Equities Ltd, IRB Infrastructure Developers stock price has given a good breakout above its recent swing high of ₹43.50. With the overall trend being positive and the stock continuously moving in an uptrend, it seems like the stock is likely headed towards ₹49 and ₹54 in a spree of momentum rally. Any pullback towards ₹43-44 should be considered as a good buying opportunity with a strict stoploss placed below ₹40 mark.
Also Read: Zee share price drops 10% on news report Sony deal may be called off
The company reported in an exchange filing that along with its associate, the largest Infrastructure Investment Trust in India’s highways sector, IRB Infrastructure Trust, together reported a 26% increase in toll collection in December 2023 compared to the same month in FY23, or December 2022.
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
Also Read: Chambal Fertilisers buyback: Price fixed at ₹450 per share. Record date next week
In the company’s exchange filing, Amitabh Murarka, Dy CEO of the company said, “Much pleased to see the continued growth momentum across all our highways assets. Since, the second half of the FY is always better from Toll Collection perspective, we expect this growth to continue for the remaining quarter of FY24 too, especially after Samakhiyali Santalpur BOT project in the State of Gujarat which started toll collection from December 28, 2023, and will have full month toll revenue in remaining months of FY24.”
In the field of roads and highways, IRB Infrastructure Developers is the first integrated multi-national transport infrastructure developer in India. With an asset base of over ₹77,000 crore spread across 12 States between the parent company and two InvITs, IRB is the largest integrated private toll road and highway infrastructure developer in India.
In its 25 years of operation, the company has built, tolled, maintained, and operated approximately 18,500 lane kilometres throughout India.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!