IRB Infrastructure Developers rose 2.43% to Rs 111.70 after the company said its board has approved the proposal of increasing the limit of raising funds.
The board of IRB Infrastructure Developers has approved raising an additional amount of Rs 1,000 crore, over and above the earlier limit of Rs 4,500 crore as approved by the board at its meeting held on 26 April 2020 and 18 January 2021. The announcement was made during market hours today, 9 February 2021.
The scrip extended gains for second consecutive session. The stock has added 3.57% in two sessions from its recent closing low of Rs 107.85 on 5 February 2021.
In the past six month, the stock has lost 8.68% while the benchmark Sensex has added 36% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 49.840. 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 below its 50-day and 100-day daily simple moving average (SMA) placed at 113.30 and 113.01, respectively. However, the scrip managed to trade above its 200-day moving average (DMA) placed at 105.17.
IRB Infrastructure Developers is India's largest private toll roads and highways infrastructure developer, with an asset base of over Rs 51,000 crore across the parent company and two InvITs.
The company's consolidated net profit fell 56.5% to Rs 69.48 crore on 11.2% decline in net sales to Rs 1,547.16 crore in Q3 December 2020 over Q3 December 2019.
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