IRB Infrastructure slips on profit booking

IRB Infrastructure Developers lost 3.2% to Rs 93.70 at 10:38 IST on BSE on profit booking after advancing 31.61% in prior six trading sessions.

Meanwhile, the BSE Sensex was up 49.34 points, or 0.24%, to 21,024.13

On BSE, 2.71 lakh shares were traded in the counter compared with average volume of 5.46 lakh shares in the past one quarter.

The stock hit a high of Rs 97.60 and a low of Rs 93.50 so far during the day. The stock hit a record low of Rs 51.90 on 2 August 2013. The stock hit a 52-week high of Rs 146.95 on 10 December 2012.

The stock outperformed the market over the past one month till 5 November 2013, rising 22.38% compared with the Sensex's 5.32% rise. The scrip also outperformed the market in past one quarter, advancing 45.56% as against Sensex's 9.34% rise.

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 were on a roll recently advancing 31.61% in the prior six trading sessions to Rs 96.80 on 5 November 2013, from a recent low of Rs 73.55 on 28 October 2013. Bulk of the gains came on Tuesday, 5 November 2013, when the stock surged 11.91% after a foreign brokerage reinitiated its coverage on the company with a "buy" rating with a price target of Rs 102, citing attractive valuations after the stock underperformed the S&P BSE Sensex over the past year.

The foreign brokerage noted that IRB Infrastructure Developers is well positioned to capture new order opportunities and identified Rs 11200 crore that can be warded in the second half of fiscal 2014. However, the foreign brokerage highlighted lower-than-expected traffic estimate for fiscal 2015 and continued slowdown in new project orders from the National Highways Authority of India as key risks.

IRB Infrastructure Developers' consolidated net profit fell 5.1% to Rs 134.56 crore on 5.4% growth in net sales to Rs 1032.66 crore in Q1 June 2013 over Q1 June 2012.

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

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