Buy IRB Infrastructure, target of Rs. 289: Angel Broking

Bangalore: Angel Broking is bullish on IRB Infrastructure and has recommended a buy rating on the stock with a target price of Rs. 289. According to the brokerage, the company has one of the largest domestic BOT (Build, Operate and Transfer) project portfolios in the road and highway sector comprising 16 projects of which 10 are operational.

IRB Infrastructure is an infrastructure development and construction company in India. The company is in the business of construction, as well as construction and operation of major road projects. IRB's road business is conducted in two verticals: engineering, procurement and construction (EPC), and toll collection and maintenance. The company has two segments: road infrastructure projects and real estate development. Its subsidiaries include Ideal Road Builders, Mhaiskar Infrastructure and Modern Road Makers.

Angel says, because of the immense opportunities that exist in the road sector in the near future and due to IRB's vast experience and inter-dependent business model, we maintain our bullish stance on the company's performance. With the recommended target price of Rs. 289, if the stock is bought at Monday's closing price of Rs. 261.50, the percentage of gain would be 10.51 percent.