IRB Infrastructure Developers rose 13.81% to Rs 278.50, extending gains for the third trading session.
Shares of IRB Infrastructure Developers have surged 36.89% in three sessions from its recent closing low of Rs 204.10 on 19 October 2021.The stock hit a 52-week high of Rs 284.90 today. It has surged 184.91% from its 52-week low of Rs 97.75 hit on 22 December 2020. In the past one month, the stock has risen 62.20% as against 3.51% rise in the Sensex.
On the technical front, the stock's RSI (relative strength index) stood at 80.56. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 20-day simple moving average (SMA) placed at 237.42 and 50-day SMA at 222.33. These levels will act as near-term support.
IRB Infrastructure Developers is India's largest integrated private toll roads and highways infrastructure developer in India.
On a consolidated basis, the company posted a net profit of Rs 71.9 crore in Q1 FY22 as compared to a loss of Rs 30.14 crore in Q1 FY21. Net sales soared 59% to Rs 1,625.72 crore in Q1 FY22 over Q1 FY21.
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The company's board will meet on 26 October 2021 to consider a proposal of fund raising. The company plans to raise funds by way of issue of equity shares/bonds/debentures/non-convertible debt instruments/securities and/or any other instruments/any other securities including through preferential issue on a private placement basis, qualified institutions placement, rights issue or any other methods or combination thereof.
The board will also consider Q2 September 2021 results on 26 October 2021.
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