Shares of IRB Infrastructure Ltd. have gained nearly 60% so far in 2024. Most of those gains have come in the month of January and April. This is also the best calendar year performance for the stock since 2021, during which it had gained 91%. Starting 2020, shares of IRB Infra have delivered positive annual returns for every single year.

But after a 60% surge, should one buy this stock at current levels?

Ravi Singh of Centrum broking believes that the stock has the potential to test levels of ₹75 in the near term. Answering a viewer query on CNBC Awaaz, Singh said that if the stock manages to give a dip towards ₹63, more positions can be added.

Singh further added that if one has a six-month time horizon, shares of IRB Infra even have the potential to test levels of ₹85 on the upside. “The stock does react to news flow but one should maintain their positions as the structure looks good,” he said.

On the charts, shares of IRB Infra are trading above their 100-Day Moving Average of ₹65.44 but below their 50-Day Moving Average of ₹68.1.

Shares of IRB Infra have been in the news recently after promoters sold some stake via block deals. Recently, Spanish infra company Ferrovial also sold some of its stake in the company in block deals worth ₹1,920 crore. Ferrovial sold this stake through its subsidiary Cintra, which held a 24.86% stake as of the March quarter.

In an interaction with CNBC-TV18 post these deals, the management of IRB Infra said that it does not expect any further selling from the promoter entities going forward. They also expect toll collections in financial year 2025 to grow between 20% and 25%.

Shares of IRB Infra are trading 0.8% higher at ₹66.18.