Indian Hume Pipe Shares Surge 14% As Joint Venture Wins Rs 1,100-Crore Contract
Indian Hume will execute 20% of the work, worth Rs 227.6 crore.
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.
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%.