Shares of Subros Ltd. surged a record 18% in early trade on Monday as the company secured a Rs 25-crore order from the Indian Railways.
The maker of air conditioner components received the order to supply and commission coach roof-mounted air-conditioners, according to its exchange filing. This is in line with its aim to expand business in railway electric mobility segment.
The company already supplies rail driver cabin air conditioners to the railways.
Shares of Subros rose as much as 17.91%, the highest since its listing on BSE on July 2, 1997, before paring gains to trade 13.47% higher at 9:44 a.m. That compares to a 0.05% advance in the NSE Nifty 50.
The stock has risen 70.6% so far this year. Total traded volume so far in the day stood at 44 times its 30-day average. The relative strength index was at 72.39, which implies the stock is overbought.
Of the four analysts tracking the company, three maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average of 12-month consensus price targets implies an upside of 93.7%.
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