IRB INFRASTRUCTURE (CMP Rs 148) - An Update
A lot was discussed about this company in our previous report dated 7April2009. All can view the company info from this link as it was already covered then http://tanmaygopal.blogspot.com/2009/04/irb-infrastructure-cmp-rs-94-httpwww.html
That was a blockbuster call as it has reached our med-term target of Rs 160 in just 2 months (returned more than 70%).
The stock is now stronger than before as it trades in an up channel and deals in larger volumes. The immediate target for the stock can be Rs 175-180 and short-term players can keep a stop below Rs 128 now. Our previous report stated about Rs 210 as one-year target which still remains intact.
Just to quote from previous outlook:- "IRB Infrastructure is in a down-channel and trading high volumes. It can reach Rs 120-125 on the pullback which can happen in less than a month. Medium-term target can be Rs 160. Short-term players can keep Stop Loss at Rs 84 levels. Investors have to accumulate this stock for handsome appreciation and they can look for Rs 210 in a year’s timeframe."
Recent developments on the company:-
IRB Infrastructure Developers said it has emerged as the lowest bidder for a Rs 1,500-crore project of the National Highway Authority of India (NHAI). “The company has emerged as the lowest bidder'' for the highway project in Rajasthan and “has sought a grant of Rs 306 crore from NHAI,'' IRB Infrastructure Developers said in a filing to the Bombay Stock Exchange. http://www.thehindubusinessline.com/blnus/02231496.htm
IRB Infrastructure Developers Ltd said it has emerged as the lowest bidder for a highway project in Punjab worth an estimated 12 billion rupees. The company has also sought a grant of 1.27 billion rupees for the project, which is on build-operate-transfer basis, from the National Highways Authority of India, it said in a statement to the stock exchange. http://in.reuters.com/article/domesticNews/idINBMB00557420090619