Shares of Genus Power Infrastructure Ltd. hit a 52-week high on Tuesday after a new order.
A letter of award for Rs 2,207.5 crore was given to the company, as an advanced metering infrastructure service provider, according to an exchange filing. The order will entail the design of the advanced metering infrastructure system, as well as the supply, installation, and commissioning of 27.69 lakh smart prepaid meters, feeder meters, distribution transformer meters with energy accounting, and flow metering skid.
Shares of the company rose as much as 15.78% intraday, before paring gains to trade 8.66% high as of 10:01 a.m., compared to a 0.097% decline in the Nifty 50.
The total traded quantity so far in the day stood at 13.3 times the 30-day average volume. The stock's relative strength index stands at 86, indicating that it may be overbought.
The two analysts tracking the stock maintain a 'buy' rating, according to Bloomberg data. The consensus price estimate indicates a 28.7% downside over the next 12 months.
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