Stone India high on defence contract

DALAL STREET SPIKES

Stone India gained 10 per cent to touch a high of Rs 264.8. Nearly 43,000 shares were traded on the BSE. The stock has surged 16 per cent over the past one week and by 33 per cent over the past one month.

Recent gains has been due to a new contract received from the defence ministry for upgrading freight cars. Moreover, earlier this year, the company entered the railway's electronics business through introduction of high-value power electronic products.

It has signed an agreement with SMA Technologie AG from Germany to introduce inverters, converters and power supply system for coaches, locomotives, EMUs and metros.