Capacit'e Infra Shares At Nearly Three-Month High On Mumbai Order Win
Shares of Capacit'e Infraprojects Ltd. rose over 3% on Wednesday after it received a Letter of Intent for construction of a building in Mumbai.
The order from Indus Co-Operative Housing Society includes construction of two buildings, with the first one — in Chembur — also including commercial space, according to an exchange filing on Wednesday. The project is worth Rs 295 crore.
"We're grateful for their trust and belief in our capabilities, further solidifying our position as a preferred partner for high-profile projects," said Managing Director Rahul Katyal.
The company on Tuesday had received a Letter of Intent from TenX Realty Ltd., a step-down subsidiary of Raymond Ltd. for civil core and shell work of a project in Bandra. The total contract value was at Rs 220 crore.
Earlier this year, it received a Letter of Award from NBCC (India) Ltd. for a total contract value of Rs 1,320 crore for development of leisure residential apartments on a design, engineering, procurement, and construction basis, with a comprehensive operation and maintenance period of two years.
Capacit'e Infra Share Price Rise
Shares of Capcait'e Infraprojects rose as much as 3.18% to Rs 382.70 apiece, the highest level since Jan. 20. It pared gains to trade 2.63% higher at Rs 380.15 apiece, as of 11:55 a.m. This compares to a 0.03% advance in the NSE Nifty 50.
The stock has risen 25.09% in the last 12 months and fallen 12.59% year-to-date. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 55.57.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 20.7%.
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