India's IRB Infrastructure up after Antique raises TP

IRB Infrastructure Developers

21/12/2023 06:31

** Shares of IRB Infrastructure Developers  IRBI.NS  rise as
much as 3.6% to 40.3 rupees
    ** Antique Stock Broking raises target price to 60
rupees/shr from 49 rupees/shr, representing 54.2% upside to
stock's last close 
    ** Maintains "buy" rating
    ** IRB is still deeply undervalued as it has chance to win
20% of 444 bln rupees ($5.33 bln) through BOT (toll) mode, and
road projects can yield +10% project internal rate of return -
Antique 
    ** Stock on track to rise for a fifth straight month,
gaining ~40% over the last four months
    ** IRBI has been above 50-day, 100-day, and 200-day simple
moving avgs since August, indicating bullish sentiment
    ** Avg rating of six analysts is "buy", median PT is 36
rupees - LSEG data
    ** IRBI currently 1.8% higher, extending YTD gains to ~36%
    ** On track to rise for fourth straight year





($1 = 83.2710 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))