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IRB Infrastructure Share Price: Shares of highway construction company IRB Infrastructure Developers Ltd have gained 57 per cent so far in 2024. The stock can see a gain of up to 29 per cent. Ravi Singh of Centrum Broking believes that this stock has the potential to touch the level of Rs 75 in the near future. Then if someone has 6 months time, then the stock has the potential to reach the level of Rs 85 as well. The level of Rs 85 is 14 per cent higher than the June 20 closing price of the stock on BSE. According to Singh, if the stock falls to Rs 63, more positions can be added.
IRB Infrastructure stock performance in 2024 is the best performance of the stock in a calendar year since 2021. The stock price rose 91% in 2021. IRB Infra shares have delivered positive annual returns every year since 2020. As of June 21, IRB Infra shares are trading with marginal gains. The stock opened at Rs 66.09 in the morning and rose 1.5 per cent to hit an intraday high of Rs 66.68. The market cap of the company is Rs 39800 crore.
Ravi Singh says, stocks react to news flow. But the structure looks good, so the position should be maintained. On the charts, IRB Infra shares are trading above its 100-day moving average of Rs 65.44 but below its 50-day moving average of Rs 68.1.
Currently, IRB Infra shares are in the news after the promoters sold some stake through a block deal. Spanish infra major Ferrovial also sold a small stake in the company in a block deal worth Rs 1,920 crore. Ferrovial sold the stake through its subsidiary Sintrana, which held a 24.86 per cent stake by the March 2024 quarter.
