Signet Industries gains after winning orders

Signet Industries was up 2.95% to Rs 29.65 at 14:28 IST on the BSE after the company said it received orders worth Rs 190 crore.

The announcement was made during market hours today, 26 June 2019.

Meanwhile, the S&P BSE Sensex was up by 94.71 points, or 0.24% to 39,529.65.

On the BSE, 35,000 shares were traded in the counter so far compared with average daily volumes of 3362 shares in the past two weeks. The stock had hit a high of Rs 33.75 and a low of Rs 27.90 so far during the day. It hit a 52-week high of Rs 75 on 9 August 2018 and a 52-week low of Rs 27.60 on 20 June 2019.

Signet Industries announced that it has received orders worth Rs 190 crore recently from L&T, Tata Projects and GA Infra. These orders are for high pressure pipelines and uPVC pipelines to be used in various infrastructure projects in Madhya Pradesh, and Rajasthan. Supplies for some orders have started and the company shall complete the orders well within contracted time period.

Signet Industries' net profit fell 61.8% to Rs 3.22 crore on a 9.2% rise in the net sales to Rs 253.41 crore in Q4 March 2019 over Q4 March 2018.

Signet Industries is a diversified company engaged in manufacturing of plastic products and wholesale trade of chemicals and plastics. The company's manufacturing segment is engaged in manufacturing of irrigation and plastic products.

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