Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘Buy’ rating on IRB Infrastructure Developers Ltd to achieve an intraday target of Rs 169.50.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 161-Rs 154.60 with a strict stop loss of Rs 152.

Mr. Vasudeo also said that if the stock market remains on the positive track, the stock will hit another target of Rs 184.40 in today’s session.

Shares of the company, on Wednesday (July 01), closed at Rs 163.15, up Rs 8.65, on the Bombay Stock Exchange (BSE). The total volume of the shares traded stood at 2,125,040. The scrip hit an intraday high of Rs 167.40 and an intraday low of Rs 152.50.

Current EPS & P/E ratio stood at 1.73 and 94.31 respectively. The share price has seen a 52-week high of Rs 167.40 and a low of Rs 65 on BSE.

Mr. Vasudeo added that the stock is ready to hit a new 52-week in today’s session. So, the investors must buy the stock to reap good returns.

Akshata Deshmukh, Research Analyst, Asian Markets Securities is of the view that IRB Infrastructure Developers has target of Rs 195.

Deshmukh said, "IRB Infra has given a very strong breakout today itself and a closing above Rs 165 levels would be extremely positive for the counter wherein a target of Rs 195 seems very easily achievable. If you look at the medium-term charts of this counter, the stock has formed a rising wedge since the month of May 2009 wherein a higher top, higher bottom formation was seen. It faced resistance at around Rs 164 levels where there was a cluster resistance in the month of August 2008. It has given a very good breakout today with good volumes, so there is not much problem to in fact look at Rs 195 levels in a month’s time or so."

IRB Infra, on June 25, emerged as the lowest bidder for a four-lane highway in Maharashtra.

The build-operate-transfer highway project is to cost around Rs 8 billion with a concession period of 22 years.

IRB has sought a grant of Rs 2.16 billion from the National Highways Authority of India.

On June 23, the company announced that it emerged the lowest bidder for a highway project in Rajasthan.

The project is on grant basis with concession period of 25 years and estimated cost of the project is Rs 1500 crore.