IRB Infra surges over 5% on strong results

The shares of IRB Infrastructure Developers have surged as much as 5.2 per cent to Rs 204 with a 5 per cent increase in net profit at Rs 2.5 billion for the quarter ended June 30, 2018, against Rs 2.38 billion in the previous yearÂ’s quarter. An interim dividend of Rs 2.50 per share of face value of Rs 10 each for FY19 was announced. The brokerage adds that profitable new concession win under the governmentÂ’s Bharatmala road project, financial closure of new concessions and acceptance of the claim for Ahmedabad National Highway by NHAI are among the key catalysts ahead.