Sanghvi Forging gains after winning orders worth Rs 10 crore

The company said it received orders worth Rs 10 crore from oil & gas, power and irrigation sectors

Sanghvi Forging & Engineering has surged almost 3% at Rs 46.50 on the NSE after the company said it received orders worth Rs 10 crore from oil & gas, power and irrigation sectors.

Sanghvi Forging & Engineering (SFEL) said it received orders worth Rs 10 crore from oil & gas, power and irrigation sectors. The majority of the orders received by the company are for its new heavy open die forging plant.

Continuous flow of orders for the company during the recent past is a positive for the company and its growth. The company's newly started heavy open die forging unit with the capacity of 15000 MTPA has increased the company's forging capacity fivefold. The company is receiving good amount of orders from oil & gas, power and irrigation sectors for its new plant.

Total order book size as on 14 October 2015 is Rs 40 crore. Out of this around 75% orders are from the domestic market and the rest are export orders.

The stock opened at Rs 44.70 on the BSE and reached a high of Rs 47.50. At 11:10 AM, a combined total of 17,155 shares exchanged hands on the counter of BSE and NSE.