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IRB Infrastructure- 

Shares of the company which rallied 7.41% in the intraday settled with a decline of 1.36%. The stock went buzzing after the company announced that it`s arm IRB Tumkur Chitradurga Tollway (P) has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of debt of Rs 8.31 billion.  

The stock has been butchered along with other infra stocks and is in a primary down-trend. Technically it is drifting down a downward sloping channel and has resistance around Rs 200, and support between Rs 144-150. The risk reward ratio is not in favour of the buyer, so it is better to stay away from this stock. It also has a very high P/E compared to peers. The positive side to the stock is the toll collection, which is the main source of income for the company, but in spite of this, the stock looks expensive at current prices. One can buy it around Rs 150 keeping a stop loss below Rs 144 for good targets.  


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