Artson Engineering jumps after receiving contract

Artson Engineering jumped 13.66% to Rs 49.50 at 12:40 IST on BSE after the company said that it has received a contract of Rs 108 crore from a leading public sector undertaking.

The announcement was made during market hours today, 13 December 2016.

Meanwhile, the BSE Sensex was up 86.19 points, or 0.33%, to 26,601.43.

More than usual volumes were witnessed on the counter. On the BSE, 55,599 shares were traded in the counter so far as against an average daily volume of 13,661 shares in the past one quarter. The stock hit high of Rs 51 and low of Rs 44.75 so far during the day. The stock had hit a 52-week high of Rs 64.90 on 23 December 2015. The stock had hit a 52-week low of Rs 34 on 1 March 2016.

The stock had underperformed the market over the past one month till 12 December 2016, falling 16.09% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 19.87% as against Sensex's 6.48% decline.

The small-cap company has an equity capital of Rs 3.69 crore. Face value per share is Re 1.

Artson Engineering said that the contract is for design, detailed engineering, supply, fabrication, installation, testing, foundation work, fire protection, other civil works for double deck floating roof type crude oil storage tanks in Odisha, India.

Artson Engineering reported net profit of Rs 0.49 crore in Q2 September 2016, as compared with net loss of Rs 0.07 crore in Q2 September 2015. Net sales rose 1.3% to Rs 26.02 crore in Q2 September 2016 over Q2 September 2015.

Artson Engineering is a project engineering company. It offers multi-disciplinary design and construction services in the mechanical, civil, electrical and instrumentation fields. It offers turnkey services in petroleum storage and handling systems, plant utilities, diesel power houses, CPP, energy conservation, waste-heat recovery and noise pollution control systems.

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