NBCC, Infibeam Avenues and IRB Infra: Three stocks that outperformed in the week ending February 2

In the week ending February 2, equity benchmark indices BSE Sensex and Nifty gained close to two per cent during the last week. While sectoral indices such as BSE Oil&Gas (9.5 per cent), BSE PSU (8.2 per cent) and BSE Power (5.6 per cent) were the top gainers, BSE FMCG (0.2 per cent), BSE Consumer Durables (0.4 per cent) and BSE Capital Goods (1.5 per cent) were top losers.

During the week, many stocks moved up without being backed by any significant news-flows or fundamentals. NBCC, Infibeam Avenues and IRB Infra were the top gainers, driven by some fundamental news, within the BSE 500 index last week.

NBCC

The stock of NBCC shot up by around 47 per cent during the last week, driven by an announcement in the interim Budget 2024.

NBCC is engaged in the construction of residential, commercial, and institutional buildings, as well as offers services, including project conceptualization, feasibility studies, construction drawings, detailed project reports, and project consulting services.

The stock rallied after Union Finance Minister Nirmala Sitharaman, in her Interim Budget 2024 speech, mentioned that the Centre will launch a scheme to help deserving sections of the middle class living in rented houses, slums, or chawls and unauthorized colonies to buy or build their own houses.

The stock is trading at a trailing P/E of 92 times.

Infibeam Avenues

The stock of Infibeam Avenues surged 32 per cent during the week led by strong Q3 performance.

Infibeam Avenues Limited is an Indian payment infrastructure and software as a service fintech company which provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.

During the quarter, the company’s revenue jumped 33 per cent YoY driven by festive season and the growing adoption of the CCAvenue payment solution by merchants. The company achieved 64 per cent YoY growth in its PAT during the quarter.

The stock trading at a trailing P/E of 71 times.

IRB Infra

The stock of IRB Infrastructure Developers rallied by 32 per cent during the week on account of a favourable court order.

The company is an infrastructure development company engaged in constructing roadways and highways.

The company’s Infrastructure Investment Trust (InvIT) won an arbitration claim against the National Highways Authority of India (NHAI) regarding its SPV Yedeshi Aurangabad Tollway Ltd (YATL). As per the filing, the YATL had initiated arbitration proceedings against the NHAI after the authority disputed the company’s claim for the extension of the concession period by 870 days and compensation of Rs 1,751 crore.

The stock is trading at a trailing P/E of 81 times.

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