IRB Infra shares jump 6% after HDFC MF picks up 0.7% stake in the firm
The share price of IRB Infrastructure Developers (IRB Infra) rose 6 percent on Tuesday after HDFC MF picked up a 0.7 percent stake in the firm.
The leading mutual fund investment company bought 24.81 lakh equity shares of IRB Infrastructure at Rs 111 per share, the bulk deals data showed.
The stock rose as much as 5.9 percent to its day's high of Rs 118.90 per share on the BSE.
Earlier this month, Life Insurance Corporation of India (LIC) purchased 71.29 lakh equity shares or a 2.03 percent stake in the construction company. After the transaction, LIC's stake in the company increased to 7.06 percent from 5.03 percent earlier. The deal was executed as a market purchase.
For the March quarter, IRB Infra reported a 36.84 percent decline in its consolidated net profit to Rs 97.45 crore. The ...