Shares of Indian Hume Pipe Co. snapped a four-session fall on Thursday a day after its joint venture secured an order from the Telangana government.
The Rs 1,137.8-crore order relates to water supply and sewerage projects under the Amrut 2.0 scheme. Indian Hume will execute 20% of the work, worth Rs 227.6 crore, according to an exchange filing.
The joint venture is between AMR India Ltd., Shoda Constructions Pvt., and Indian Hume Pipe.
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Shares of the company rose as much as 14.38% during the day on the NSE. It was trading 12.24% higher as compared to a 0.38% advance in the benchmark Nifty 50 at 10:48 a.m.
The stock has risen 112.32% in the last 12 months. Total traded volume so far in the day stood at 7.2 times its 30-day average. The relative strength index was at 43.83.
The one analyst tracking the company has a 'buy' rating for the stock, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 14.4%.
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