Shares of Allied Digital Services Ltd. were locked in 20% upper circuit to a two-year high on Thursday after it was selected as a master system integrator for the Ayodhya smart-city project.
This project entails the establishment of a multi-location CCTV surveillance system and its integration with the existing Integrated Traffic Management System control room, according to an exchange filing.
The capital-expenditure and the implementation phase is expected to last three months, followed by a five-year operational 7 maintenance phase, the IT services and solutions provider said.
Allied Digital's stock jumped as much as 20% to Rs 170.70 apiece—the highest since Jan. 10, 2022—compared to a 0.18% advance in the benchmark NSE Nifty 50 at 1:51 p.m.
The share price has risen 86.66% in the last 12 months. Total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 71, implying that the stock maybe overbought.
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