IRB Infrastructure share price surges 11% on Rs 4,400-crore investment from GIC in firm's road projects

Share price of IRB Infrastructure Developers rose up to 11.5 % in early trade today after the announcement of investment by Singapore's sovereign wealth fund in company's road operations.

IRB Infra has formed a gap up chart pattern today at the opening session Wednesday, registering a gain of 4.88% to Rs 100.00 on BSE.

Share price of IRB Infrastructure Developers Ltd later climbed 11.17% higher to touch the day's high of Rs 106.00.

The stock has gained 17% in the last two days of trade. Moreover, IRB Infra has moved above its 50-day simple moving average in today's trade. It trades higher than 30-day average but lower than 150 and 200-day moving average.

The company said about investment by affiliates of GIC, Singapore's sovereign wealth fund, in its road platform.

The company has signed binding definitive agreements with GIC for a total investment of up to Rs 4,400 crore, including the funding of future construction costs.

At 0111 hours, IRB Infrastructure Developers was quoting at Rs 102.45, up 7.10 points, or 7.45% on the BSE.