Nagarjuna Const up on NH-58 order

DALAL STREET SPIKES

Nagarjuna Construction Company witnessed volatile trades on Thursday, gaining more than five per cent in intra-day deals on the announcement of an order win.

The stock hit the day's high of Rs 529.90 before closing at Rs 501.15, down 0.3 per cent from its previous close.

More than 46,000 shares were traded on the BSE on Thursday. The company announced that it has secured a new order valued at Rs 450 crore from the National Highway Authorities of India, New Delhi, for the construction of a four-lane highway on NH-58 in Meerut-Muzaffarnagar section in Utter Pradesh.

This project is to be executed on a build, operate and transfer basis under a joint venture with Maytas Infrastructure Company.

Sources said construction stocks have been witnessing buying interest of late in anticipation of a surge in construction activities and strong order book. Nagarjuna Construction has rallied from a low of Rs 377.80 on January 12, 2005, to Thursday's close of Rs 501.15.