BGR Energy Systems spurts after bagging large contract

BGR Energy Systems rose 7.79% to Rs 128 at 13:53 IST on BSE after the company said it received a contract worth Rs 2299.87 crore from Andhra Pradesh Power Generation Corporation.

The announcement was made during trading hours today, 7 July 2016.

Meanwhile, the BSE Sensex was up 45.34 points, or 0.17%, to 27,212.21.

On BSE, so far 6.22 lakh shares were traded in the counter, compared with average daily volume of 66,000 shares in the past one quarter. The stock hit a high of Rs 133.50 and a low of Rs 118 so far during the day. The stock hit a 52-week high of Rs 147.40 on 7 August 2015. The stock hit a 52-week low of Rs 89.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 5 July 2016, rising 2.72% compared with 1.45% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.29% as against Sensex's 9.10% rise.

The small-cap company has an equity capital of Rs 72.16 crore. Face value per share is Rs 10.

BGR Energy Systems said it has received a Letter of Intent (LoI) from Andhra Pradesh Power Generation Corporation (APGENCO) for execution of balance of plant equipment/systems including civil works for 1x800 megawatts (MW) Dr. Narla Tata Rao Thermal Power Station in Andhra Pradesh on engineering-procurement-construction (EPC) basis. The total lump sum price of the contract is Rs 2299.87 crore. The contract completion period is 36 months from the date of award.

Net profit of BGR Energy Systems rose 48.57% to Rs 27.96 crore on 19.32% decline in net sales to Rs 842.61 crore in Q4 March 2016 over Q4 March 2015.

BGR Energy Systems is a leading engineering, procurement and construction (EPC) and Balance of Plant (BoP) engineering and contracting company for power projects in India.

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