Buy IRB Infrastructure Developers: Religare Capital

Buy IRB Infrastructure Developers, says Suhas Harinarayanan, Co-Head of Research, Religare Capital Markets.

Harinarayanan told CNBC-TV18, "IRB has been a stock that we upgraded sometime back when the stock had fallen to about Rs 190 levels; we have a price target of Rs 230 on the stock price. There have been some concerns off late regarding some IT raids. The management has clarified in terms of what is the materiality of those raids are. But as you know the market is not tolerant of these kinds of issues in the past and for the past 7-8 months the tolerance levels have gone down."
He further added, "We maintain a buy rating purely on fundamental valuation basis because that is a stock if you look at running projects, when I say running projects that is including projects under execution, I don