Technofab Engg hits upper circuit after new order

Technofab Engineering was locked at 20% upper circuit at Rs 289.20 at 9:50 IST on BSE after the company announced the receipt of a new order in the domestic water sector valued at Rs 281 crore.

The announcement was made after market hours yesterday, 28 November 2017.

Meanwhile, the S&P BSE Sensex was up 4.56 points or 0.01% at 33,623.15.

On the BSE, 6,991 shares were traded on the counter so far as against the average daily volumes of 5,049 shares in the past one quarter. The stock had hit a high of Rs 289.20 so far during the day, which is a 52-week high. The stock hit a low of Rs 279 so far during the day. The stock had hit a 52-week low of Rs 175 on 27 December 2016.

With the latest order, Technofab Engineering's order backlog stands at about Rs 2000 crore of which the water sector now contributes close to 45%.

Technofab Engineering's net profit fell 20.8% to Rs 1.33 crore on 17.1% decline in net sales to Rs 83.39 crore in Q1 June 2017 over Q1 June 2016.

Technofab Engineering is an engineering and construction company, serving the power, industrial and infrastructure sectors, by executing comprehensive balance of plant (BOP) and auxiliary systems on a complete turnkey EPC (engineering, procurement and construction) basis.

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