Responsive Industries Shares Surge 18% On Garib Rath Contract From Railways

Shares of the company, which is also participating in Vande Bharat project, have surged 158.7% so far this year.

<div class="paragraphs"><p>A file photo of Garib Rath train used for representation only.&nbsp;</p></div>
A file photo of Garib Rath train used for representation only. 

Shares of Responsive Industries Ltd. surged over 18% to hit a record high on Thursday after the maker of vinyl flooring secured a contract as part of the Garib Rath initiative of Indian Railways.

"Building upon its recent triumph with the Vande Bharat project, Responsive Industries Ltd. is pleased to announce yet another landmark achievement: a distinguished contract with Indian Railways for the iconic Garib Rath initiative," the maker of synthetic leather said in an exchange filing.

The company didn't disclose the size of the order or the details of the contract.

Shares of the company surged 18.32% to Rs 303.25 apiece, compared to a 0.25% decline in the NSE Nifty 50 as of 9:50 a.m. The share price advanced as much as 18.77% intraday to hit an all-time high of Rs 304.4 per share.

The stock has risen 158.7% on a year-to-date basis. Total traded volume stood at three times its 30-day average. The relative strength index was at 91, implying that the stock may be overbought. 

Stock Market Live: Sensex, Nifty Open Lower As Infosys, HDFC Bank Drag