The share price of IRB Infrastructure Developers (IRB Infra) rose 6 percent on Tuesday after HDFC MF picked up a 0.7 percent stake in the firm.
The leading mutual fund investment company bought 24.81 lakh equity shares of IRB Infrastructure at Rs 111 per share, the bulk deals data showed.
The stock rose as much as 5.9 percent to its day's high of Rs 118.90 per share on the BSE.
Earlier this month, Life Insurance Corporation of India (LIC) purchased 71.29 lakh equity shares or a 2.03 percent stake in the construction company. After the transaction, LIC's stake in the company increased to 7.06 percent from 5.03 percent earlier. The deal was executed as a market purchase.
For the March quarter, IRB Infra reported a 36.84 percent decline in its consolidated net profit to Rs 97.45 crore. The company had clocked a Rs 154.32 crore net profit during the year-ago quarter.
Its total income during the January-March 2021 quarter rose to Rs 1,650.40 crore from Rs 1,634.80 crore in the year-ago period.
The firm's expenses stood at Rs 1,474.27 crore, as compared to Rs 1,445.29 crore a year ago.
The company in a statement said that it became the first toll road and highways developer to tap offshore bond markets and raised Rs 2,185 crore.
IRB Infra Chairman and Managing Director Virendra D Mhaiskar said, "FY21 performance was marred by national lockdown in the first quarter; however, a restart of economic activities in the subsequent quarters brought strong recovery to surpass pre-COVID levels. We now look forward to a better and stronger FY22."
(With inputs from PTI)