IRB Infrastructure Developers share price jumps nearly 10% after Kotak upgrades rating to ‘Add’, ups target price

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IRB Infrastructure Developers share price jumped nearly 10% on Thursday's trading session following an upgrade to 'Add' from 'Sell' and an increase in the target price to ₹65 from ₹60 by domestic brokerage Kotak Institutional Equities. The increase in the target price was attributed to modifications made to the brokerage's traffic estimate for Private InvIT assets.

"We upgrade IRB Infrastructure Developers to ADD from SELL, after 22% decline since our downgrade to SELL," the brokerage said. Also Read: Nifty IT index breaks 4-day losing streak, climbs 1.50% as Fed maintains rate cut forecast IRB Infrastructure Developers share price today opened at an intraday low of ₹54.88 and touched an intraday high of ₹59.25.

Technical analysts witnessed volume-based activity as prices were up more than 7%. This bounce is seen from the strong support of 89EMA and may extend in the coming sessions; 65–68 is the next resistance, whereas 52 is support, said analysts.

IRB Infrastructure share price jumped by 129.47% over the last year, outperforming the sector as a whole by 55.85%, according to trendlyne data. Also Read: Gold rate today hits new peak of ₹66,778 after US Fed meeting.