Shares of IRB Infrastructure Developers Ltd. hit record high on Friday after Moody's Investors Service Inc. affirmed the company's long-term corporate family rating.
Moody's affirmed 'Ba1 CFR' rating, citing IRB Infrastructure's financials to remain appropriate at the current level even though in over 12–18 months, some temporary weakening is expected.
The construction company's cash flow will increase over time from the capital expenditure, according to a Bloomberg report.
IRB Infrastructure's stock rose as much as 7.7% during the day on the NSE to Rs. 38.45 apiece, the highest since its listing. It pared gains to trade 4.8% higher at Rs 37.40 apiece compared to a 0.2% advance in the benchmark Nifty 50 as of 10:42 a.m.
It has risen 28.59% on a year-to-date basis. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 69.02.
Five out of eight analysts tracking IRB Infrastructure maintain a 'buy' rating on the stock and three recommend a 'hold', according to Bloomberg data. The average of 12-month price targets given by analysts implies a potential upside of 51.3%.
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