Shares of Rail Vikas Nigam Ltd. gained on Friday after it announced a joint venture with Tracks & Towers Infratech for construction of six-lane, greenfield Varanasi-Ranchi-Kolkata Highway for Rs 1,271 crore
"To construct a 6-lane Greenfield Varanasi Ranchi-Kolkata highway from Sonepurbigha village to junction with NH22 (Chatra Bypass) near Chatra from km 184.700 to km 222.000 under Bharatmala Pariyojana in the State of Jharkhand on hybrid annuity mode," according to the exchange filing on Thursday.
Shares of the company rose as much as 4.41 intraday before parring gains to trade 0.06% lower at 158.70 apiece, compared with a 0.27% decline in the NSE Nifty 50 as of 10:08 a.m.
The stock has gained 133.11% on a year-to-date basis. The relative strength index was at 56.64.
Both analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month price target given by analysts implies an upside of 5.1%.
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