Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Markets / Stock Markets/  IRB Infrastructure share price surges 7% to hit 52-week high as December toll collection jumps 26% YoY
BackBack

IRB Infrastructure share price surges 7% to hit 52-week high as December toll collection jumps 26% YoY

IRB Infrastructure Developers share price surges 7% to touch 52-week high as toll collection jumps 26% YoY to ₹488 crore. IRB Infrastructure Developers stock price breaks above recent swing high, likely headed towards ₹49 and ₹54.

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. Premium
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.

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.

Also Read: Bajaj Auto share price jumps nearly 6%, hits fresh record high as board approves 4,000-crore share buyback

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.

 

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 09 Jan 2024, 09:53 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started