IRB Infra gains 9% in two days after rating upgrade

The stock moved higher by 5.5% to Rs 154 on Tuesday, extending its Monday's 3.3% gain on BSE, after the rating agency Ind- Ra revised the company's outlook to positive from stable.

Shares of IRB Infrastructure Developers have moved higher by 5.5% to Rs 154 on Tuesday, extending its Monday’s 3.3% gain on the BSE, after the rating agency India Ratings and Research (Ind- Ra) revised the company’s outlook to positive from stable, while affirming its long-term issuer rating at ‘IND A+’.

Thus far in the month of November, IRB Infra has outperformed the market by gaining 11%, after it reported 32% growth in net profit at Rs 1.73 billion in September quarter. Total income grew 20% at Rs 14.85 billion over the previous year quarter. In comparison, the S&P BSE