IRB Infra hits over 7-year high; stock surges 10%

The stock rallied 10% to Rs 281, its highest level since August 24, 2010, on the BSE on back of heavy volumes

IRB Infrastructure Developers hit an over seven-year high of Rs 281, up 10% on the BSE, recorded its sharpest single day gain since September 28, 2017, on back of heavy volumes.

The stock of roads & highways company is trading at its highest level since August 24, 2010, when it touched a record high of Rs 313 during intra-day trade.

The trading volumes on the counter jumped more than 10-fold with a combined 12.7 million shares representing 3.6% of total equity of IRB Infra changed hands on the BSE and NSE till 02:41 pm.

In past three trading days, the stock rallied 15% after the Ascension Health Master Pension Trust acquired 1.86 million shares of IRB Infra at price of Rs 243 through block deal on the NSE.

On April 9, 2018, Platinum Investment Management had sold 1.78 million shares representing 0.51% of total equity of IRB Infra through open market sale, the company said in a regulatory filing.

Since March 27, the stock surged 28% after the IRB Infra said that the CBI Court, Pune, has discharged Virendra D. Mhaiskar, chairman and managing director, of the company, along with other officials of the company, from all charges in a Pune land case. On comparison, the S&P BSE Sensex was up 2.3% during the same period.