HG Infra Shares Snap Two-Day Fall After Company Wins Central Railway Project
The project is for the construction of a new broad gauge line between Dhule and Nardana section of central railway.
Shares of HG Infra Engineering Ltd. snapped a two-day fall after the company received a project from central railway worth Rs 716.11 crore.
The project is for the construction of a new broad gauge line between Dhule (Borvihir) and Nardana (approximately 49.45 km) section of central railway on engineering and procurement mode, an exchange filing said.
The construction period is 30 months and the appointed date is Sept. 4, the filing added.
Before gaining on Friday, the stock had fallen 3.6% in a two-day decline.
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Shares of HG Infra rose as much as 5.21%, before paring gains to trade 4.2% higher at Rs 1,565.45 apiece, as of 11:15 a.m., compared to a flat NSE Nifty 50.
The stock has risen 84.73% year-to-date and 66.13% in the last 12 months. Total traded volume so far in the day stood at 2.39 times its 30-day average. The relative strength index was at 51.85.
Of the 15 analysts tracking the company, 14 maintain a 'buy' rating, and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 11.8%.
