Maharashtra toll road project boosts IRB Infra shares
The company was selected as the preferred bidder to develop and run a toll road project worth Rs 3,200 crore ($528.45 million) in Maharashtra. As a result, Shares in IRB Infrastructure Developers Ltd gained as much as 3.8 percent in intraday trade.
Macquarie started coverage on the stock with an “outperform” rating and a target price of 151 rupees. The shares also benefitted from this development. Macquarie also announced that IRB was one of the few road developers with a strong enough cash flow and balance sheet to fund current projects and take on new ones to gain market share.
Source: The Economic Times
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