RPP Infra Projects share price rises 3% on bagging Rs 176-crore project

RPP Infra Projects | The company approved issuance of up to Rs 48 crore by way of a rights issue to the eligible equity shareholders.

RPP Infra Projects share price gained 3 percent intraday on February 18 after the company bagged new order worth Rs 176.6 crore in Tamil Nadu.

"RPP Infra Projects Limited has been received a letter of acceptance for a new project viz, "TNRSP II/EPC14 - strengthening and widening (four lane) of Triuneveli-Sengottai-Kollam Road of SH-39 at a contract price of Rs 176.58 crore," the company said in an exchange filing.

The stock was trading at Rs 69.95, up Rs 1.70, or 2.49 percent. It has touched an intraday high of Rs 73.90 and an intraday low of Rs 68.05.

The scrip was trading with volumes of 16,493 shares, compared to its five- day average of 7,070 shares, an increase of 133.29 percent.

The company board approved, the offer and issuance of fully paid-up equity shares of the company (Equity Shares) for an amount not exceeding Rs 48 crore by way of a rights issue to the eligible equity shareholders of the company as on the record date (to be determined and notified subsequently.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long-term moving averages. The company has a low debt with book value per share improving for the last two years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being strong.