IRB Infrastructure share price surged over 10% in trade today on the back of a brokerage note from Kotak Institutional Equities. The stock had an intraday high of Rs 59.30 against its previous close of Rs 53.95. The brokerage firm upgrade IRB Infra stock today to Add from a Sell rating, revising its target price higher to Rs 65, a 20% upside in the share price.
Kotak has revised its expectations by 1% to 7% for FY2024 to FY2026 mainly driven by adjusting its traffic estimates for the Private InvIT (infrastructure investment trusts) projects. The brokerage further stated that the company is adding partners at the private InvIT which is a big positive for the company.
So far this year, IRB Infra stock price has surged 42%, while it has surged over 130% in the last one year.