ISGEC Heavy Engineering advances after announcing plan to open a branch in Jordan

ISGEC Heavy Engineering rose 2.61% to Rs 4,141 at 14:15 IST on BSE, after the company said that in order to execute a project in the Hashemite Kingdom of Jordan, the company is considering opening a branch in the Hashemite Kingdom of Jordan.

The announcement was made after market hours on Friday, 4 March 2016.

Meanwhile, the S&P BSE Sensex was down 95.40 points or 0.39% at 24,547.70

On BSE, so far 1,524 shares were traded in the counter as against average daily volume of 1,439 shares in the past one quarter. The stock hit a high of Rs 4,274 and low of Rs 4,075 so far during the day. The stock had hit a record high of Rs 7,499 on 15 April 2015. The stock had hit a 52-week low of Rs 3,550.50 on 29 February 2016. The stock had underperformed the market over the past one month till 4 March 2016, sliding 14.62% compared with Sensex's 1.27% gain. The scrip also underperformed the market in past one quarter, sliding 19.61% as against Sensex's 3.87% fall.

The small-cap company has equity capital of Rs 7.35 crore. Face value per share is Rs 10.

ISGEC Heavy Engineering said that in order to execute a project in the Hashemite Kingdom of Jordan, the company is considering opening a branch in the Hashemite Kingdom of Jordan and the branch is called as Operating Foreign Company in Jordan. The project involves erection and civil work of machinery and equipment for 30 megawatts coal based thermal power plant, ISGEC Heavy Engineering said.

ISGEC Heavy Engineering's net profit rose 24.5% to Rs 46.68 crore on 31.7% rise in net sales to Rs 982.39 crore in Q3 December 2015 over Q3 December 2014.

ISGEC Heavy Engineering is engaged in the manufacturing of heavy engineering equipment.

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