Sanghvi Forging hits 52-week high

Sanghvi Forging & Engineering spurted 17.87% to Rs 52.45 at 10:12 IST on BSE after the company said it has received fresh orders worth Rs 11 crore from oil & gas and power sectors.

The announcement was made during market hours today, 4 December 2014.

Meanwhile, the S&P BSE Sensex was up 96.05 points or 0.34% at 28,538.76.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 6,995 shares in the past two weeks.

The stock hit a high of Rs 52.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 44.05 so far during the day.

Sanghvi Forging & Engineering (Sanghvi Forging) said that majority of the orders received by the company are for its new heavy open die forging plant. Continuous flow of orders for the company during the recent past is a positive for the company and its growth, Sanghvi Forging said. The company's newly started heavy open die forging unit with the capacity of 15,000 MTPA has increased the company's forging capacity fivefold, Sanghvi Forging said. The company is receiving good amount of orders from oil & gas, power and ship building sectors for its new plant, Sanghvi Forging said in a statement.

The company's total order book size as on 4 December 2014 is Rs 45 crore and out of this around 75% is domestic and rest are from export orders, Sanghvi Forging said in a statement.

Sanghvi Forging & Engineering reported a net loss of Rs 1.67 crore in Q2 September 2014, lower than net loss of Rs 3.06 crore in Q2 September 2013. Net sales rose 96.5% to Rs 20.73 crore in Q2 September 2014 over Q2 September 2013.

Sanghvi Forging & Engineering is engaged in manufacturing of open and closed die forging products for the oil & gas, petrochemicals, ship building, power & other sectors. It also exports products to various foreign countries.

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