Sanghvi Forging spurts after bagging new orders

Sanghvi Forging & Engineering rose 8.51% to Rs 66.30 at 10:03 IST on BSE after the company said it bagged new orders worth Rs 11 crore.

The announcement was made during trading hours today, 6 January 2016.

Meanwhile, the BSE Sensex was down 43.66 points, or 0.17%, to 25,536.68.

On BSE, so far 34,000 shares were traded in the counter, compared with an average volume of 14,507 shares in the past one quarter. The stock hit a high of Rs 68.50 and a low of Rs 63.50 so far during the day. The stock hit a 52-week high of Rs 76 on 15 April 2015. The stock hit a 52-week low of Rs 36 on 6 February 2015. The stock had outperformed the market over the past one month till 5 January 2016, rising 9.60% compared with 0.23% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 39.34% as against Sensex's 4.50% fall.

The small-cap company has an equity capital of Rs 13.89 crore. Face value per share is Rs 10.

Sanghvi Forging & Engineering (SFEL) announced that it received new orders worth Rs 11 crore from oil & gas and power sectors. The majority of the orders received by the company are for its new heavy open die forging plant, the company said in a statement.

The company added that its newly started heavy open die forging unit with the capacity of 15000 MTPA has increased the company's forging capacity five fold. The company said it is receiving good amount of orders from oil & gas, power, defence and irrigation sectors for its new plant. The new plant is equipped with product, quality approvals from all major industrial sectors i.e. petrochemicals, power, oil & gas, defence, aerospace sectors, etc.

On a consolidated basis, Sanghvi Forging & Engineering reported net loss of Rs 2.34 crore in Q2 September 2015 as against net loss of Rs 1.67 crore in Q2 September 2014. Net sales declined 8.92% to Rs 18.88 crore in Q2 September 2015 over Q2 September 2014.

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 over the last two decades.

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