Walchandnagar Inds gains after entering in contract with VSSC

Walchandnagar Industries rose 3.99% to Rs 99.10 at 11:30 IST on BSE after the company and Vikram Sarabhai Space Centre entered into a contract for the Polar Satellite Launch Vehicle program.

The announcement was made after market hours yesterday, 22 January 2019.

Meanwhile, the S&P BSE Sensex was down 14.09 points, or 0.04% to 36,430.55

On the BSE, 1.12 lakh shares were traded in the counter so far, compared with average daily volumes of 35,000 shares in the past two weeks. The stock had hit a high of Rs 103.80 and a low of Rs 99 so far during the day.

Walchandnagar Industries (WIL), Pune and Indian Space Research Organization's Vikram Sarabhai Space Centre (VSSC) have entered into a contract whereby WIL will manufacture and supply S-139 End Segments for the Polar Satellite Launch Vehicle (PSLV) program. The contract value is Rs 96 crore plus escalation and is likely to be executed over a period of three years. This happens to be WIL's highest ever single order received from VSSC and is seen as a major boost for the company's Aerospace business.

Walchandnagar Industries reported net profit of Rs 2.17 crore in Q3 December 2018, compared with net loss of Rs 12.90 crore in Q3 December 2017. Net sales rose 37.07% to Rs 104.46 crore in Q3 December 2018 over Q3 December 2017.

Walchandnagar Industries is a heavy engineering company which has business interests in strategic sectors like Defence, Missile, Aerospace, Nuclear Plant Equipment and Gearboxes apart from its traditional EPC business in Sugar and Cement sectors.

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