Shares of Rail Vikas Nigam Ltd. surged nearly 8% to a record high on Friday after it announced the partnership with Delhi Metro Rail Corp. for future projects.
The rail infrastructure developer has signed a memorandum of understanding with the Delhi Metro Rail Corp. to become the service providers for projects both in India and abroad. Rail Vikas Nigam will help in projects of metro, railways, high speed rail, highways, mega bridges, workshops and depots and railway electrification, the company said in an exchange filing.
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Shares of Rail Vikas jumped 7.94% to their record high of Rs 452.00 apiece. The stock was trading 6.84% higher at Rs 447.40 as of 10:00 a.m., compared to 0.46% decline in the NSE Nifty 50 index.
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The stock gained 261% in 12 months and 146.21% on year to date basis. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 75.76, which implied the stock is overbought.
All the three analysts tracking the company recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 22%.
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