Rs 33,700 crore order book: LIC backed multibagger penny stock below Rs 40 reports impressive quarterly results; hits new 52-week high!

Shares of the company gained over 20 per cent in the last six months.

IRB Infrastructure Developers Limited's stock price surged over 6 per cent on Friday, driven by strong buying activity from investors. The company's impressive Quarterly Results and recent acquisition of a Rs 4,428 crore project in Madhya Pradesh have fuelled investor optimism. The stock also made a new 52-week high on Friday.

The company's net sales grew 29.94 per cent year-over-year to Rs 1745.00 crore in the second quarter of FY24 while operating profit increased 21.44 per cent. Net profit for the quarter stood at Rs 171.04 crore, up from Rs 109.67 crore in the same quarter of the previous year. The company has an order book of Rs 33,700 crore.

Also read, Navigating the Swing Trading Landscape: A Comprehensive Guide to Stock Selection, Trade Execution, and Risk Management (Part 2)

The recent acquisition of a Rs 4,428 crore project from the NHAI for the development and operation of the 316 km (1,264 lane km) Lalitpur Lakhnadon NH44 highway is a significant boost for the company. This project will further strengthen IRB's position as the largest private player in India's TOT space.

IRB Infrastructure Developers Limited (IRB) is a leading infrastructure development company in India, with a strong track record of executing and operating complex projects. The company has a portfolio of over 15,000 lane km of highways, making it one of the largest highway operators in the country. Overall, IRB Infrastructure Developers Limited is a well-positioned company with a strong track record of growth. LIC owns a 3.33 per cent stake in the company.

The stock also delivered multibagger returns of over 200 per cent in the last three years. Investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.