IRB Infrastructure shares gain on stock split news: Buy, sell or hold?
Market expert Mudit Goyal recommended a buy in this stock citing a favourable chart structure and an upward momentum. He said that the consolidation in this stock after a five-day rally is a healthy signal. He expects an upside move in this stock and puts a target price between Rs 340 and Rs 360
IRB Infrastructure Developers Limited shares gained on Tuesday on news of stock split. The stock was trading at Rs 316.55 on the NSE around 10 am, up 1.20 per cent from the Monday closing price.
The IRB Infrastructure company board will meet on 4 January, 2023, to consider a proposal for alteration in the share capital of the company by sub-division/split of existing equity shares having face value of Rs 10 per share, the company said in its filing to the exchanges.
Market expert Mudit Goyal recommended a buy in this stock citing a favourable chart structure and an upward momentum. He said that the consolidation in this stock after a five-day rally is a healthy signal. He expects an upside move in this stock and puts a target price between Rs 340 and Rs 360.
Existing investors can hold this stock, he added. Investors can look to make fresh positions if the stock corrects to levels around Rs 305.
Goyal said that he has recommended this stock to his clients as well. He puts the stop loss at Rs 295.
Meanwhile, fundamental analyst Sandeep Jain said that he had previously given a ‘Sell’ call on this stock.
The stock fell from the price at which the recommendation was made, Jain said. Since then the company has seen many positive changes and the company has performed well. It is one of the big company’s in infra space.
He said that the stock split will not have a material impact on the stock. The stock has already moved significantly and investors could consider making fresh entries on lower prices after the split.
Despite this, the stock still does not come under his radar and he would not recommend a buy.
Further, for the purposes of the above and in terms of the Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Designated Persons, the trading window for dealing in securities of the Company is hereby closed and will open 48 hours after the announcement of financial results for the quarter ended December 31, 2022 to the public.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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