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Shares of IRB Infrastructure Developers are in focus ahead of the split. The construction engineering company has fixed the split ratio and record date. As per an exchange filing by the company, shares of the company will be split in a 10:1 ratio. It means that each equity share with a face value of Rs 10 will split into 10 shares. The new face value after the split will be Re 1.
The company has fixed the record date for determining the eligibility of shareholders for the split. The record date is February 22.
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“We wish to inform you that the Company has fixed Wednesday, February 22, 2023 as the ‘Record Date’ for the purpose of determining the eligibility of Shareholders for the purpose of sub-division/split of every one equity share having face value of Rs 10 each,” the company said in a regulatory filing.
Ahead of the split, several brokerages have recommended buying the stock.
Anand Rathi has tagged a Hold rating on the counter. It said that the construction at the recently appointed Ganga Expressway stabilising and as the post-Q3 appointment of Chittor-Thachur hybrid annuities pave the way for this project to start contributing, the stage seems set for better scalein the immediate future.
“The current core-project OB, though, good for the near-term, needs to be augmented at the earliest. Management, citing healthy prospects, is sanguine of adding to keep growing. The BOT-toll division continues to benefit from rising traffic and periodic rate-revisions,” it said.
On the reassuring outlook, “we retain Hold rating, at a higher target price of Rs 309” on asset sale and raised estimates.
Motilal Oswal in its research report said that IRB’s order book is strong. It received the appointed date for the Ganga Expressway project during 3QFY23. The domestic brokerage firm increased PAT estimates for FY23/FY24 by 3%/10%, respectively. It recommended a Neutral rating on the scrip for a price target of Rs 295.
While HDFC Securities has tagged Add rating for a target price of Rs 306, Kotak Institutional Equities has recommended buying the shares of the company for a target of Rs 340.
The company’s net income in the December quarter zoomed a whopping 94 per cent on YoY to Rs 141.35 crore YoY. The same stood at Rs 72.68 crore during the corresponding quarter last fiscal. The Mumbai headquartered company’s total income during the quarter under review rose to Rs 1,570 crore as compared to Rs 1,497.78 crore during the October-December period in FY22, the company said in a regulatory filing. The expenses declined to Rs 351.72 crore from Rs 1,280.22 crore.
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