Kalpataru Projects Bags Orders Worth Rs 3,244 Crore, Shares Hit Record
The stock rose as much as 10.25% during the day to a life high of Rs 725 apiece on the NSE.
Shares of Kalpataru Projects International Ltd. jumped 10% to hit an all-time high on Friday after the company, its joint ventures and international subsidiaries secured new orders worth Rs 3,244 crore.
In the building & factories business, Kalpataru won its largest-ever design & build contract for construction of a large residential project in south India with an area of approximately 13 million square feet, according to an exchange filing.
The company is entering the electric mobility business with a new order for designing and construction of an underground metro rail project. The transmission and distribution business from the overseas markets has also received multiple orders, it said.
Kalpataru's stock rose as much as 10.25% during the day to Rs 725 apiece on the NSE. It was trading 8.20% higher at Rs 711.50 apiece compared to a 0.18 decline in the benchmark Nifty 50 as of 9:30 a.m.
The share price has risen 27.21% on a year-to-date basis. The total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 65.
Fourteen out of 16 analysts tracking Kalpataru maintain a 'buy' rating on the stock and two recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 33.1%.
