IRB Infra rallies after HDFC MF acquires stake

IRB Infrastructure Developers spurted 4.14% to Rs 116.90 after HDFC Mutual Fund bought 0.71% stake via bulk deals on 31 May 2021.

As per the bulk deal data on the NSE, HDFC Mutual Fund bought 24.81 lakh equity shares (or 0.71% stake) of IRB Infra at Rs 111 each yesterday, 31 May 2021.

On the same day, Zenith Multi Trading DMCC sold 25 lakh equity shares (or 0.71% equity) of IRB Infra at Rs 111 per share.

Meanwhile, the construction firm informed that its Udaipur BOT project has been implemented by Udaipur Tollway (SPV) and is now part of IRB Infrastructure Trust - Private InvIT. It has been issued a completion certificate by the competent authority. Consequently, toll rates for the SPV would be increased by 55% and the SPV will collect toll at revised toll rates on this project.

On a consolidated basis, IRB Infrastructure Developers' net profit dropped 36.8% to Rs 97.46 crore on 1.4% rise in net sales to Rs 1,605.85 crore in Q4 March 2021 over Q4 March 2020.

IRB Infrastructure Developers is one of the largest infrastructure developing company in BOT space, committed to the roads & highway sector.

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