India's IRB Infrastructure Developers rises on strong quarterly results

IRB InvIT Fund

26/07/2018 07:31

** IRB Infrastructure Developers Ltd  IRBI.NS  rises as much
as 5.2 pct to 204 rupees
    ** Co, which is engaged in construction and maintenance of
roads, posted 5.1 pct rise in June-qtr consol net profit
 urn:newsml:reuters.com:*:nFWN1UL0JR
    ** Profit rose despite divestiture of seven key toll assets
via IRB InvIT Fund  IRBN.NS . This should alleviate market
concern of a fall in PAT post-InvIT - CLSA 
    ** Adds profitable new concession win under govt's
Bharatmala road project, financial closure of new concessions,
acceptance of claim for Ahmedabad National Highway by NHAI are
among the key catalysts ahead
    ** CLSA expects construction sales to see 30 pct CAGR over
FY18-20; retains "buy" rating
    ** More than 2.2 mln shares change hands, compared with
30-day avg of 1.5 mln shares
    ** Stock down 18.5 pct this year as of last close

 ((Reuters Messaging:
krishna.vkurup.thomsonreuters.com@reuters.net))