IRB Infra gains 41 per cent in a week, touches 52-week high
Shares of IRB Infra continued a gaining streak and have rallied as much as 41 per cent since June 30, 2020. Driven by strong momentum, shares also touched their 52-week high.
IRB Infra is one of the largest EPC contract-based construction companies in India. It reported its FY20 annual report in the current month. The annual report mentioned that of its plans to finish during current fiscal year, five projects are under construction out of the nine projects in Private InvIT. These projects are allotted for four to six laning assets, of which four will be completed in FY21. This is anticipated to result in a 45 per cent jump in tariffs on completion. This will provide a strong boost in collections and facilitate operations.
In a bid to fight the current Coronavirus pandemic, the company has raised capital amounting to Rs 1,250 crore. It issued non-convertible debentures at 9.55 per cent on private placement basis. As of FY20 end, its order book stood at Rs 11,997 crore, to be executed over the next two years.
On Friday, the shares closed higher by 41 per cent (weekly) at Rs 122 on BSE.