In his latest research report, stock market analyst Ashwani Gujral said IRB Infrastructure Developers Ltd can give good returns in the short term.
According to Mr. Gujral, the stock of the company can be bought with a strict stop loss of Rs 249 to achieve a target of Rs 300.
Today, the shares of the company opened at Rs 264.45 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 270.80 and a low of Rs 65 on BSE.
Mumbai-based IRB Infrastructure Developers said that its board has decided to lift funds by further issuance of securities in national as well as international markets via different instruments such as equity shares/warrants with non-convertible debentures under QIP.
The abovementioned announcement is pursuant to the rules of Chapter VIII of SEBI Rules, 2009 as in effect or FCCBs or ADRs or GDRs etc subject to compliance with concerned law provisions and other required consents, authorizations as may be necessitated.
The company will organize EGM on Nov. 25, 2009 to consider & to seek the sanction of stockholders for above plans.
Infrastructure Developers has posted an 80% increase in PAT, which stood at Rs 74.31 crore during the three month period ended September 30, 2009.
The company registered a PAT of Rs 41.21 crore during the same period of the last fiscal.
The company's total income was at Rs 363.28 crore, up 73.17%, during the period under review as against Rs 209.78 crore posted during the corresponding period of 2008.