Shares of Capacit’e Infraprojects surged up over 2% on Wednesday to hit an intraday high of ₹208.70.

What Happened: Shares of the company are upbeat as its joint venture with Mohan Mutha Exports received an order from Rail Vikas Nigam Ltd. (RVNL). The ₹575 crore engineering, procurement, and construction (EPC) order is for a project in Maldives.

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The project is scheduled to be completed within 18 months from commencement. The Mukul Agrawal-backed company will have a 51% share in the JV. The surge comes today as the stock was going through a lean period at the bourses. In the past month, the stock has gone down over 5%. However, in the past six months, the stock has gone up around 70%.

Agrawal who entered the stock earlier this year in March has been consistently raising his stake in the company. He currently owns an 8% stake in the company.

Price Action: Capacit’e Infraprojects’ share price was up 1.91% to trade at ₹207.65 in early trade on Wednesday.

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