Stock Today: Gamuda Rises 1.6% Amid Strong Order Book
Gamuda Bhd’s share price rose 1.61% to RM5.05 as of 11.47am today, on the back of strong investor sentiment following its strategic expansion into Australia’s renewable energy sector. The counter gained 8 sen from its previous close of RM4.97, with 2.35 million shares changing hands.
The stock opened at RM4.99 and climbed to an intraday high of RM5.08 before easing slightly. Buy and sell queues remained active, with 1.21 million shares on the buy side and 688,800 on the sell side.
The positive momentum follows reaffirmed BUY calls from MIDF Research and CIMB Securities, with target prices of RM5.42 and RM5.50, respectively. Analysts cited Gamuda’s pivot to green energy and a robust RM37.2 billion order book as key catalysts, with the group targeting RM40–45 billion in jobs by year-end.
Gamuda recently announced a joint venture in Tasmania to co-develop 600MW of wind and solar projects along with 600MW of battery energy storage systems, securing EPC contracts through to 2029. The initiative aligns with the group’s long-term “Gamuda Green Plan 2030” and marks a renewed focus on recurring income and regional expansion in the renewable energy space.
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