Shares of IRB Infrastructure Developers Ltd. rose to a life-time high on Friday after it announced a jump in November toll collections.
The combined toll collection by IRB Infrastructure Developers and IRB Infrastructre Trust in November saw a 20% jump to Rs 437 crore, an exchange filing said. This is higher than Rs 366 crore collected in November last year.
“We have witnessed a continued rise in toll collection, despite Diwali holidays, which briefly slowed down momentum of economic activities across the nation for almost a week's time," said Amitabh Murarka, deputy chief executive officer of the company. "Overall, it's promising to see the persistent growth momentum gained in first eight months of FY24. The second half of the year is always better from toll collection perspective; accordingly, we expect the growth momentum to continue, especially with Gujarat BOT commencing tolling soon."
Shares of IRB Infrastructure rose as much as 6.50%, before paring gains to trade 3.25% higher at 11:00 a.m. This compares to a 0.16% advance in the NSE Nifty 50.
The stock has risen 36.15% year-to-date. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 67.
Of the nine analysts tracking the company, six maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 40.1%.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
