Shares of IRB Infrastructure Developers surged nearly 4 percent in trade on June 7 after the company reported a spike in toll collections in May.
The company's toll collections in May rose 30 percent on year to Rs 536 crore. "This reinforces the consistency and robustness of growth across all highway assets we manage in India. With the annual toll tariff revision now effective from June 3 and the strong GDP numbers, we expect this positive trend in toll collections to continue in the upcoming quarters," Amitabh Murarka, Deputy CEO, IRB Infra said.
At 09.35 am, shares of IRB Infra Developers were trading at Rs 71.95 on the NSE. Shares of IRB Infrastructure also bounced back swiftly, recouping all losses incurred during the over 10 percent correction on the day of the election results, within just three sessions thereafter.
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Meanwhile, sentiment for the stock has also been robust on expectations of a strong growth outlook in the backdrop of the government's capex push.
Recently, brokerage firm CLSA also named IRB Infra as one of the key beneficiaries of the return of the Modi government to power and its subsequent push on infra capex.
The brokerage also noted that as per its channel checks an ambitious 100-day plan for Modi 3.0 is in the works that will help the government hit the ground running. The government is also expected to place large orders across infrastructure and defence as part of its 100-day agenda, the brokerage said in a note on capex.
Also Read | Capex push to continue under Modi 3.0; L&T, IRB, NCC to ride the wave, says CLSA
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