Shares of IRB Infrastructure Developers Limited rose on Tuesday on news of a share split. The stock was trading at Rs 316.55 on the NSE around 10 am, up 1.2% from Monday’s close.

The board of directors of IRB Infrastructure company will meet on January 4, 2023, to consider the proposal to change the company’s share capital by sub-division/split of existing shares of Rs 10 par value each, the company said in a statement.

Market expert Mudit Goyal recommends buying the stock, citing the favourable chart structure and upward momentum. He said the stock’s consolidation after five straight days of gains is a healthy sign. He expects the stock to trend up and set a price target between Rs 340 and Rs 360.

Existing investors could hold onto the stock, he added. Investors can look to open fresh positions if the stock pulls back to levels around Rs 305. Goyal said he also recommends the stock to his clients. He places a stop loss at Rs 295.

Meanwhile, fundamental analyst Sandeep Jain said he previously had a “sell” rating on the stock.

The stock is below the recommended price, Jain said. Since then, many positive changes have occurred in the company, and the company has performed well. It is one of the big players in the infrastructure space.

He said the split would not have a material impact on the stock. The stock is volatile, and investors could consider re-entering at a lower price post-split. However, the stock is off his radar, and he doesn’t recommend buying it.

In addition, for the above purposes, and by the internal procedures and code of conduct for the regulation, monitoring and reporting of transactions by designated persons, the trading window for securities transactions of the company is now closed and will be made public within 48 hours later until the quarterly financial results of December 31, 2022 achievement.