IRB Infra up 31% in 8 days after HDFC MF buys stake; stock hits 52-wk high

HDFC Mutual Fund bought 4.94 million shares, representing 1.4 per cent stake, in IRB Infra via open market

Shares of IRB Infrastructure rallied 7 per cent and hit a 52-week high of Rs 139.40, ron the National Stock Exchange (NSE) in intra-day trade on Thursday, extending its upward movement after the HDFC Mutual Fund acquired more than 1 per cent stake in the company via open market. In the past eight trading days, the stock of the road & highways construction company has soared 31 per cent from the level of Rs 106.25, hit on May 28, 2021.

On May 31, 2021, HDFC Mutual Fund bought 2.48 million shares, representing 0.71 per cent of the total equity