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KNR Constructions share price rises over 6% on bagging Rs 850-crore order

BusinessToday.In     September 3, 2019

KNR Constructions share price rose over 6% intraday to Rs 225 on BSE after the construction & engineering firm said it received a work order for Rs. 850.00 crore from Megha Engineering & Infrastructures Limited, Hyderabad for the construction and completion of Earthen Bund works

"The company has received a work order for Rs. 850.00 crore from Megha Engineering & Infrastructures Limited, Hyderabad for the construction and completion of Earthen Bund works in the reach from Km. 12.800/12.665 to Km. 14.270/14.135 which are part and parcel of Kaleshwaram Project-Formation of Sri Komuravelli Mallanna Sagar with a capacity of 50.00 TMC", the company said.

Reacting to the news, stock price of KNR Constructions rose 1.5% with the opening bell at Rs 215 after four days of consecutive fall and later climbed 6.23% to the intraday high of Rs 225 on BSE.

In technical terms, stock price of KNR Construction depicts a bullish trend for the monthly Moving Average Convergence Divergence (MACD), although the weekly MACD trend stayed mildly bearish.

Shares of KNR Construction were trading 2.69% higher at Rs 217.5 on BSE.

Edited by Rupa Burman Roy

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