Buy IRB Infrastructure Developers; target of Rs 270: Sharekhan

Sharekhan's research report on IRB Infrastructure Developers

Major relief on key overhang related to CBI charge sheet in Pune court: The Honourable CBI Judge at Pune has discharged the charge sheet filed against Mr. Virendra Mhaiskar, Aryan Infrastructure Investments (AIIPL), and Mr. Deepak Gadgil being devoid of substance and having no grounds to frame any charge.  The charge sheet refers to illegal purchase of government land in Pune (60 acres of the 1,200 acres acquired by AIIPL in 2007, refer our report dated December 7, 2017). The development removes a key overhang on the stock, as the filing of charge sheet was termed as an end of investigation by the management of IRB Infrastructure.

Outlook

Hence, we expect the sustained momentum to benefit the overall road sector  and especially IRB Infrastructure, which has  been bidding for Hybrid Annuity Mode (HAM)  projects.

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