Shares of Rail Vikas Nigam Ltd. rose to an all-time high intraday on Tuesday, as the company bagged an engineering, procurement, and construction order worth Rs 2,248.95 crore.
The company was the lowest bidder for the EPC order for a canal in Banswara, Rajasthan. The project entails the planning, design and construction of the main canal and other structures, including associated distribution system to provide irrigation facility for 41,903 hectare area.
The order, secured on a turnkey basis, includes operation and maintenance of the constructed structures. It is expected to be executed in 42 months, as per an exchange filing.
Shares of Rail Vikas Nigam Ltd. rose 10% to Rs 118.3 apiece, as compared with a 0.46% advance in the benchmark NSE Nifty 50, as of 2:54 p.m. on Tuesday.
The stock rose as much as 10% intraday, the most in a week since April 25. It hit an all-time high to rise to Rs 118.3 apiece intraday.
Total traded volume stood at 2.4 times its 30-day average. The relative strength index was at 89.6, implying that the stock may be overbought.
Two analysts tracking the company maintain a 'buy' rating on the stock, as per Bloomberg data.
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