Shares of Kalpataru Projects International Ltd. surged over 7%, its most in nine weeks, on Tuesday after bagging two contracts worth a total of Rs 1,016 crore.
The company won power transmission and distribution orders worth Rs 552 crore in Indian and overseas markets, and building and factory business orders worth Rs 464 crore in India, according to exchange filings.
Shares of the company rose as much as 7.28% to Rs 677.50 apiece, the highest single-day jump since July 27, before paring gains to trade 6.18% higher at Rs 670.55 apiece as of 9:31 a.m. This compares to a 0.53% decline in the NSE Nifty 50.
It has risen 20% on a year-to-date basis. Total traded volume so far in the day stood at 50 times its 30-day average. The relative strength index was at 61.
Out of the 16 analysts tracking the company, 14 maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a upside of 12.5%.
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