IRB Infrastructure Developers Ltd gains as much as 15.4 percent to Rs 99.80 after Bank of America-Merrill Lynch restarts its coverage of the stock with a "Buy" rating and a price objective of Rs 102.
The investment bank notes IRB Infra "is well positioned to capture new order opportunities", and identified Rs 11200 crore that can be warded in the second half of fiscal 2014.
BofA-Merrill also notes valuations are attractive after the stock has underperformed the BSE Sensex by 42 percent in the last 12 months.
Copyright: Thomson Reuters 2013
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