IRB Infra shares jump 5% after 10:1 split, should you buy?

IRB Infra Share Split Record Date 2023, IRB Infra Share Price: The stock traded with huge volumes owing to the stock split today. As many as 17 lakh IRB Infra shares changed hands on BSE within the first 25 minutes of trade.

IRB Infra Share Split Record Date 2023, IRB Infra Share Price: The stock traded with huge volumes owing to the stock split today. Pic: PTI

IRB Infra Share Split Record Date 2023, IRB Infra Share Price: Shares of IRB Infrastructure Developers Ltd, NSE: IRB, jumped more than 5 per cent in early more deals on Wednesday as the stock traded with the adjustment of 10:1 split. The stock opened higher at Rs 30.45 apiece on BSE and hit day's high of Rs 31.60 with huge volumes. The scrip traded at Rs 30.70 around 10 AM, up 3 per cent.

The stock traded with huge volumes owing to the stock split today. As many as 17 lakh IRB Infra shares changed hands on BSE within the first 25 minutes of trade, as against a daily average of 1.7 lakh in the past two weeks.

Zee Business panellist and market expert Sumeet Bagadia recommended buying the shares of the company on dip. The stock can yield 8 to 10 per cent of return from current levels, he said, adding that "Rs 33 will be the short term target". Post this, the next target will be Rs 36.

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IRB Infra Stock Split Record Date 2023

The highway infrastructure developer had in January announced to split the equity shares bearing a face value of Rs 10 each into 10 shares of face value of Re 1. The Mumbai-headquartered company's board fixed February 22 as the record date for determining the eligibility of the shareholders for the split.

Meanwhile, several domestic brokerages are upbeat on the counter and have revised their targets.

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Brokerage firm Motilal Oswal said that IRB’s order book is strong at Rs 191 billion. It received appointed date for the Ganga Expressway project during 3QFY23. As some of these large projects move into execution, "we expect EPC growth to improve going ahead".

The brokerage house has tagged a 'neutral' rating on the scrip with a target price of Rs 295.

Anand Rathi has tagged a Hold rating on the counter. It said that the management, citing healthy prospects, is sanguine of adding to keep growing. The toll division continues to benefit from rising traffic and periodic rate-revisions. On the reassuring outlook, "we retain Hold rating, at a higher target price of Rs 309" on asset sale and raised estimates.

IRB Infra Share Price Target 2023

IRB Infra Q3 Results

The company in the October-December quarter reported a whopping 94 per cent increase in its net profit at Rs 141.35 crore as against Rs 72.68 crore in the corresponding quarter last fiscal. Its total toll collection in January also jumped 36 per cent to Rs 374.81 crores as against Rs 276.44 crores in January 2022.

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