Oriental Rail Infrastructure Shares Hit Upper Circuit After Wagon-Order Revision
The stock rose as much as 4.98% during the day on the BSE.
Shares of Oriental Rail Infrastructure Ltd. hit an upper circuit on Wednesday after the value of the contract between its subsidiary, Orient Foundry Pvt., and Indian Railways was revised to Rs 1,249 crore.
The order by the Railways earlier involved manufacture and supply of 2,964 BOXNHL wagons. The number of units has been revised to 3,055 wagons, according to an exchange filing.
The order has to be delivered by Aug. 31.
Oriental's stock rose as much as 4.98% during the day to hit an upper circuit on the BSE. It pared gains to trade 1.15% lower, compared to a 0.05% advance in the benchmark Sensex as of 10:41 a.m.
The stock has risen 437.29% in the last 12 months. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 41.
