Shares of HG Infra Engineering Ltd. jumped nearly 13% to an all-time high on Tuesday after its wholly owned subsidiary set up a new unit to deepen its focus on expansion in the solar power space.
H.G. Solar Projects Pvt. incorporated H.G. Jaipur Solar Project Pvt. The transaction is a related party-one as the step-down subsidiary's directors, Poonam Singh Choudhary and Navneet Choudhary, are related to the promoter group, according to an exchange filing.
Shares of HG Infra surged as much as 12.69% during the day to Rs 1,717 apiece on the NSE. The stock was trading 10.51% higher at Rs 1,734.35 per share, compared to a 0.24% advance in the benchmark Nifty at 12:26 p.m.
The share price has gained 95.05% in the last 12 months and 102.22% on a year-to-date basis. The total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 68.77.
Thirteen out of the 14 analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 20.1%.
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