Shares of GPT Infraprojects surged up sharply on Thursday after the company announced bagging the massive order.
What Happened: The company on Thursday informed the exchanges that it had been declared the lowest bidder for an order from railway major RVNL. The contract is worth around ₹554 crore. The order involves the construction of various infrastructure elements for the Six Lane Elevated Kona Expressway in West Bengal.
See Also: Technical Analysts See RVNL Share Price Breaching 400-Mark And More
Share of the micro-cap company the were trailing in the red on Thursday surged up sharply after the announcement was made. Shares of the company surged up 5% to hit an intraday high of ₹256.80 — close to its 52-week high of ₹259.90.
With a market cap of around ₹1,400 crore, the micro-cap stock is engaged in the execution of civil and infrastructure projects, especially large bridges and ROBs for Railways.
Its manufacturing units are located at Panagarh (West Bengal), Ladysmith (South Africa), Tsumeb (Namibia) and Eshiem (Ghana).
Price Action: Shares of GPT Infra were locked in the 5% upper circuit to at ₹181.70 on Thursday.
Read Next: Wipro’s Thierry Delaporte Highest Paid CEO In IT For 2nd Straight Year
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.