Shares of IRB Infrastructure Developers Ltd. jumped to a record high on Tuesday after its December toll collection surged 26% year-on-year.
The total toll collection by IRB Infrastructure and its associate IRB Infrastructure Trust in December stood at Rs 488 crore in comparison to Rs 388 crore in December 2022.
"Since the second half of FY is always better from a toll collection perspective, we expect this growth to continue for the remaining quarter of FY24 too, especially after the Samakhiyali Santalpur BOT project in the State of Gujarat, which started toll collection on Dec. 28, 2023, and will have full-month toll revenue in the remaining months of FY24,” said Amitabh Murarka, deputy chief executive officer of IRB Infrastructure.
Shares of the company rose as much as 8.07% to hit record high of Rs 45.55 apiece. It pared gains to trade 7.24% higher at Rs 45.20 apiece, as of 9:40 a.m. This compares to a 0.48% advance in the NSE Nifty 50 Index.
It has risen 48.46% in the last 12 months. Total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 69.15.
Six out of the nine analysts tracking the company maintain a 'buy' rating and three suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 48.3%.
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