RPP Infra Project share price hits 52-week high, gains over 14% on ₹289.30 crore order win

RPP Infra Projects share price gained over 14% to record a new 52-week high on Thursday's trade following an order win worth ₹289.30 crore. RPP Infra Projects shares opened at ₹64.69 apiece on BSE. The stock hit intraday high of ₹66.07 and low of ₹63.05.

The infrastructure firm has received a letter of acceptance for a flyover project worth ₹125.85 crore in Tamil Nadu that will be completed on an EPC basis, for beautification work worth ₹41.15 crore at Vandiyur Tank in Madurai City Municipal Corporation, and for project work worth ₹122.3 crore from various town panchayats to upgrade the current water supply distribution system and provide house service connections. As of June 30, the order book was worth ₹3,240 crore.

On the technical front, as per trendlyne data, the stock price rose 82.6% and outperformed its sector by 28.2% in the past year.

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, a strong gap up opening has been visible today as the prices are up more than 14% in the opening tick,  and the volumes are as well substantially high.

Bhosale expects this move to continue and said that its possible in the near term  for the prices to test 75 levels. Traders should maintain a buy on dip approach in this counter. 

Recently the prices had seen a gap on June 2, which was a break away gap and today's gap can be termed as measuring gap, as per the measuring gap the target comes to 75. Support can be considered at gap of 60 levels.

(more to come)