Order book strength lifts Nagarjuna Const

DALAL STREET SPIKES

The stock of construction company, Nagarjuna Construction was in the limelight after the company announced yesterday of winning an award worth Rs 240 crore.

The stock in Thursday's trading hit an intra-day high of Rs 164.90 before closing at Rs 159, up 4 per cent from its previous close. The counter witnessed volumes of more than 46,000 shares at the BSE.

Though the announcement was made after the market hours yesterday, the stock jumped 7.8 per cent to Rs 154.40 yesterday. With Thursday's gains, the stock has now gained more than 11.50 per cent in the last two trading sessions.

The new order aggregating worth Rs 240 crore include a major order of Rs 110 crore from the drinking water & sanitation department of the government of Jharkhand.

In the current year, the company has so far secured Rs 504 crore worth of orders, it said. Only recently, the company had allotted 1 million equity shares of Rs 10 each at a premium of Rs 125 to stock broker Rakesh Jhunjhunwala.