Shares of J Kumar Infraprojects Ltd. hit a seven-year high after it won orders worth Rs 3,401 crore from the National Highways Authority of India for the construction of four elevated corridors from the Chennai port.
Two of the four orders were received by the joint venture between J Kumar Infraprojects and J Kuma-Azvirt, according to an exchange filing.
Shares of J Kumar Infraprojects ended 4.20% higher at 376.2 apiece, compared to a 0.10% decline in the benchmark NSE Nifty 50. The stock advanced as much as 7.19% to hit an intra-day high of Rs 387 apiece, the most since Jan. 7, 2016.
It has risen nearly 38.16% year-to-date. The total traded volume stood at 6.5 times its 30-day average. The relative strength index was 86.4, implying that the stock may be overbought.
All six analysts tracking J Kumar Infraprojects maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.2%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
