IRB Infrastructure Developers witnessed a nearly 4 percent surge in its shares on June 7 following a substantial increase in toll collections in May. The company reported a 30 percent year-on-year rise in toll collections, amounting to Rs 536 crore. Amitabh Murarka, Deputy CEO of IRB Infra, expressed confidence in the consistent growth across all highway assets managed by the company in India. With the recent annual toll tariff revision effective from June 3 and strong GDP numbers, Murarka anticipated the positive trend in toll collections to continue in the upcoming quarters.
Shares of IRB Infra Developers were trading at Rs 72.80 on the NSE at 10:37 am. The stock swiftly recovered from any losses incurred during the over 10 percent correction on the day of the election results, rebounding within just three sessions thereafter.
Market sentiment towards the stock has remained strong, driven by expectations of a robust growth outlook amidst the government’s emphasis on infrastructure expenditure.
Recent reports from brokerage firm CLSA identified IRB Infra as a key beneficiary of the return of the Modi government to power and its renewed focus on infrastructure spending. CLSA highlighted an ambitious 100-day plan for Modi 3.0, expected to accelerate government spending across infrastructure and defense sectors.
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