IRB Infra jumps on bargain hunting

IRB Infrastructure Developers jumped 6.46% to Rs 57.65 at 12:36 IST on BSE on bargain hunting after the stock crashed 43.97% in the preceding ten trading sessions to Rs 54.15 on 1 August 2013 from a recent high of Rs 96.65 on 18 July 2013.

Meanwhile, the S&P BSE Sensex was down 62.96 points, or 0.33%, to 19,254.23.

On BSE, 11.01 lakh shares were traded in the counter as against an average daily volume of 4.63 lakh shares in the past one quarter.

The stock hit a low of Rs 51.90 so far during the day, which is also a record low for the counter. The stock hit a high of Rs 62 so far during the day. The stock had hit a 52-week high of Rs 161.40 on 4 October 2012.

The stock had underperformed the market over the past one month till 1 August 2013, sliding 45.36% compared with the Sensex's 1.33% fall. The scrip had also underperformed the market in past one quarter, falling 53.40% as against Sensex's 0.96% fall.

The small-cap company has an equity capital of Rs 332.36 crore. Face value per share is Rs 10.

Shares of IRB Infrastructure Developers tanked 25.52% to Rs 54.15 on Thursday, 1 August 2013, after media reports suggested that the company, which had formed a consortium to bid for the Rs 9630-crore Mumbai TransHarbour Link project, decided not to participate in the bidding process. The IRB-Hyundai Engineering consortium was among the five shortlisted firms to develop the project.

The company's chief Virendra Mhaiskar was quoted by media as saying that the decision to quit the project was taken due to the bitter experience the company had in one of its toll BOT (build-operate-transfer) projects in Kolhapur where the company did not receive the expected support from the government.

IRB Infrastructure Developers unveils Q1 results on 8 August 2013. The company consolidated net profit rose 25.6% to Rs 151.14 crore on 11.4% growth in net sales to Rs 948.27 crore in Q4 March 2013 over Q4 March 2012.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

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