Shares of smallcap infra company RDB Infrastructure and Power Ltd, that develops residential and commercial projects, gained over 4 per cent in the opening trade even as equity benchmark indices Sensex and Nifty declined, dragged down by Bajaj Finance and fresh foreign fund outflows. The stock opened at Rs 56 on the BSE against the previous close of Rs 53.83. This is a gain of 4.03 per cent from the last close. However, it fell and later touched the intraday low of Rs 52.22. Last seen, the counter was trading at Rs 53.10, down 1.36 per cent or Rs 0.73. The market cap of the company stood at Rs 1,052.09 crore.
Rs 277 crore solar power project
In its latest exchange filing, the company announced that it has signed an MoU (memorandum of understanding) with NRG Renewable Resources Private Limited for the execution of Solar Power Projects of 51 MW (AC)/ 65 MW (DC) to be developed across six sites near Nagpur, Maharashtra.
The total EPC contract value for this project is Rs 277 crore. The company said that the work will commence within seven days of receiving the advance payment.
Share Price History
According to BSE Analytics, the company's stock has increased by over 2 per cent in the past week and by more than 12 per cent in the past month. However, it has corrected by 1 per cent in the past six months.
On an annual basis, the stock has gained over 6 per cent in the past year, over 782 per cent in the past two years, over 1,314 per cent in the past three years, and over 4,013 per cent in the past five years.
Earlier, equity benchmark indices Sensex and Nifty declined in early trade on Tuesday, dragged down by Bajaj Finance and fresh foreign fund outflows.
The 30-share BSE Sensex depreciated by 259.36 points, or 0.31 per cent, to 83,275.99 in early trade. The 50-share NSE Nifty dropped 72.90 points, or 0.29 per cent, to 25,501.45.
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