Stock market today: Shares of Highway Infrastructure Ltd came under the profit-booking trigger during the early morning session on Thursday. However, the fall could be a good opportunity for the value pickers, looking for the unsung heroes of the Indian stock market. In one month's time, Highway Infrastructure's share price has rallied from ₹43.26 to ₹71.80 per share, delivering more than 65% returns to its shareholders.
According to stock market experts, Highway Infrastructure's share price has rallied over the month for these 4 reasons: strong toll collection order wins, attractive corporate actions such as a ₹409 crore fundraise through the preferential route, the acquisition of a 51% controlling stake in the Indore-based real estate company, and strong financial numbers.
Highlighting the reasons that are fueling Highway Infrastructure shares, Anuj Gupta, a SEBI-registered market expert, said, “There have been multiple reasons for the strong rally in Highway Infrastructure shares. Strong order wins, sustained order flow, ₹49 crore fundraising, acquiring 51% controling stake in Indore-based real estate company, and strong financials of the company, were the combination of reasons, which attracted strong buying in this stock.”
Decoding the technical chart pattern of Highway Infrastructure shares, Mahesh M Ojha, VP — Research and Business Development at KC Securities, said, “The stock is facing a hurdle at ₹78. On breaking above this resistance, we can expect a fresh bull trend in the stock. So, fresh buying is allowed only above ₹78, as the stock has already rallied a lot. Existing shareholders can hold the stock, maintaining a strict stop-loss at ₹68.”
Ojha said that fresh investors can also initiate buying if the stock comes to the ₹70- ₹72 range, maintaining a strict stop-loss at ₹65. The stock may drop sharply if it fails to sustain above ₹65.