Shares of Oriental Rail Infra shot up sharply on Thursday going up over 4% to hit an intraday high of ₹283.

What Happened: The railway company on Thursday informed the exchanges that the director of the company has approved the allotment of 50.56 lakh equity shares and 75 lakh warrants convertible into an equivalent number of equity shares.

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As per the regulatory filing, 29 investors participated in the allotment. One of the people allotted shares was ace investor Mukul Agrawal, who was allotted 34 lakh shares at a price of ₹169.

The shares of the company that were trading flat on Thursday shot up sharply as soon as the announcement was made at around 12:48 pm. The stock along with with other railway stocks has been on an incredible bull run. In the last six months, the stock has surged up over 300%.

Price Action: Shares of Oriental Rail Infrastructure were up 3.57% to trade at ₹280 on Thursday afternoon.

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