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IRB Infra up 31% in 8 days after HDFC MF buys stake; stock hits 52-wk high

HDFC Mutual Fund bought 4.94 million shares, representing 1.4 per cent stake, in IRB Infra via open market

IRB Infrastructure  | Buzzing stocks | Markets

SI Reporter  |  Mumbai 

Road, highways, projects, construction, infrastructure

Shares of rallied 7 per cent and hit a 52-week high of Rs 139.40, ron the National Stock Exchange (NSE) in intra-day trade on Thursday, extending its upward movement after the HDFC Mutual Fund acquired more than 1 per cent stake in the company via open market. In the past eight trading days, the stock of the road & highways construction company has soared 31 per cent from the level of Rs 106.25, hit on May 28, 2021.

On May 31, 2021, HDFC Mutual Fund bought 2.48 million shares, representing 0.71 per cent of the total equity of IRB Infra, at price of Rs 111 per cent via bulk deal on the NSE, the exchange data shows. The mutual funds, further on June 1, 2021, purchased additional 2.46 million shares, or 0.70 per cent stake in the company, at the price of Rs 111.34 per share, the bulk deal data shows.

On May 31, IRB Infra announced that the Udaipur BOT (Build, Operate & Transfer) project implemented by Udaipur Tollway (SPV) which is now part of Trust - Private InvIT, has been issued a completion certificate by the competent authority. Consequently, toll rates for the SPV would be increased by around 55 per cent and the SPV will collect toll at revised toll rates on this project, the company said in the filing.

At 10:04 am, IRB Infra was trading 6 per cent higher at Rs 137.45 on the NSE, as compared to 0.35 per cent rise in the Nifty50 index. A combined 5.9 million shares have changed hands on the counter on the NSE and BSE, so far.

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First Published: Thu, June 10 2021. 10:18 IST