ISGEC Heavy Engg gains on bagging orders

ISGEC Heavy Engineering rose 1.86% to Rs 524.35 after the company announced that it has secured two major orders for Dry Sorbent Injection (DSI) system package from reputed state power utilities.

The civil construction company said that it bagged two major orders for DSI system packages from Maharashtra Power Generation Corporation (MAHAGENCO) and The West Bengal Power Development Corporation (WBPDCL) for their 2 x 210 megawatt (MW) (unit #3&4) Khaperkheda Thermal Power Station and 4 x 210 MW (unit #3,4,5&6) Kolaghat Thermal Power Station respectively.

The company said that it has strategic project based collaboration and technology licensing agreement with United Conveyor Corporation (UCC), USA for DSI Technology, whose advanced technology will be utilised for these projects.

The scope of work includes design, engineering, procurement, fabrication, construction, installation, commissioning, startup, and testing of DSI package.

Suman Jain, Group Head - utility boilers, air pollution control equipment, and new technology development at Isgec Heavy Engineering, "We are excited to collaborate with United Conveyor Corporation for the DSI Technology which further increases our Technology Portfolio in terms of DeSOx solutions for the Indian Power Market. These are very prestigious orders for us from two esteemed State Government organisations in India and we are all geared up to take on and successfully execute these projects."

ISGEC Heavy Engineering is a diversified heavy engineering company. It manufactures process equipment, presses, iron & steel castings, and boiler pressure parts.

On a consolidated basis, the company's net profit zoomed 181.1% to Rs 29.57 crore in Q2 FY23 from Rs 10.52 crore reported in Q2 FY22. Net sales rose 9.9% year on year to Rs 1,512.53 crore in Q2 FY23.

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