Prior to the split, IRB Infrastructure Developers shares are in focus. The engineering construction firm has determined the split ratio and record date. According to a filing with the exchange, the company’s shares will be split 10:1. This indicates that each equity share having a nominal value of Rs 10 will be split into 10 shares. After the split, the new face value will be Re 1.
The corporation has set the record date for determining which stockholders are eligible for the split. The date of record is February 22.
“We wish to advise you that the Company has set February 22, 2023 as the ‘Record Day’ for evaluating the eligibility of Shareholders for the sub-division/split of each equity share with a face value of Rs 10,” the business said in a regulatory filing.
Patron Exim IPO: Issue opens tomorrow, check price band, allotment and listing date
Several brokerages have advocated purchasing the shares prior to the split.
Anand Rathi has tagged the counter with a Hold rating. While the post-Q3 appointment of Chittor-Thachur hybrid annuities pave the way for this project to begin contributing, the stage appears to be set for an improvement in scale in the near future, as the Ganga Expressway development is stabilising.
“Even though the existing core-project OB is adequate for the foreseeable future, it must be expanded as soon as possible. In light of the firm’s promising future, management feels optimistic about continuing to expand. The BOT-toll division continues to reap the benefits of increasing traffic and occasional pricing adjustments “it stated.
On asset sale, based on the optimistic forecast, “we maintain our Hold rating with a higher target price of Rs 309” and increase our projections.
According to Motilal Oswal’s research study, IRB’s order book is robust. It received the deadline for the Ganga Expressway project during the third quarter of FY23. The domestic brokerage firm raised its PAT projections for FY23 and FY24 by 3% and 10%, respectively. It advised a Neutral rating and a price target of Rs 295 for the stock.
Kotak Institutional Equities has advised purchasing the company’s shares with a target price of Rs 340, compared to HDFC Securities’ Add rating and Rs 305 price objective.
The company’s net income for the December quarter soared 94% year-over-year to Rs 141.35 crores. During the same quarter of the previous fiscal year, this figure was Rs 72.68 crore. According to a regulatory filing, the Mumbai-based company’s total revenue for the quarter under review increased to Rs 1,570 crore from Rs 1,497.78 crore during the same period in FY22. The expenses decreased from Rs 1,280.22 crore to Rs 351.72 crore.
