Shares of IRB Infrastructure Developers rose over 3% today after the firm said its board will meet to consider a proposal for stock split on January 4, 2023. IRB Infrastructure Developers stock touched an intraday high of Rs 322.5, rising 3.1% against the previous close of Rs 312.80 on BSE. IRB Infra Developers shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 52% in one year and risen 39.78% since the beginning of this year. Market cap of the firm rose to Rs 19,173 crore. The share hit a 52 week high of Rs 329.30 on December 14, 2022 and 52 week low of Rs 179.05 on June 20, 2022.
Total 1.63 lakh shares of the firm changed hands amounting to a turnover of Rs 5.18 crore on BSE. Market cap of the firm rose to Rs 19,077 crore.
“A meeting of the Board of Directors of the Company is scheduled to be held on January 04, 2023, to consider, inter-alia, a proposal for alteration in the share capital of the Company by sub-division/split of existing equity shares having face value of Rs. 10/- each, fully paid up,” said the company in a communication to bourses.
IRB Infrastructure logged a 101.65 per cent rise in consolidated net profit to Rs 85.30 crore for the second quarter ended September 2022 against a net profit of Rs 42.30 crore in the corresponding quarter of the previous fiscal.
Total income in Q2 declined to Rs 1,438 crore as against Rs 1,504 crore in the year-ago period. The company said its toll revenue across IRB and Pvt InvIT entities together climbed 53 per cent Year-on-Year (Y-o-Y) in the first half of the current fiscal.
IRB Infrastructure Developers is an India-based infrastructure development company. The firm is engaged in constructing roadways and highways. The company is involved in engineering, procurement and construction (EPC), and operation and maintenance across all its businesses. The company operates through two segments: Operate and Transfer (BOT)/ Toll Operate and Transfer (TOT) and Construction.