Walchandnagar Inds surges after order win

Walchandnagar Industries jumped 10.72% to Rs 66.60 after the company said it secured an order worth Rs 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO at Thiruvananthapuram.

The order is towards manufacturing and supply of head, middle and nozzle bid segments (total 30 nos) for the GSLV M KIII launch vehicle. It is the company's second largest single order from ISRO and the largest as far as the GCV-M KIII launch vehicle is concerned. The announcement was made after market hours yesterday, 11 September 2019.

Shares of Walchandnagar Industries rose 24.13% in five trading sessions to its current market price of Rs 66.60, from a recent closing low of Rs 53.65 on 4 September 2019.

On BSE, 38,000 shares were traded in Walchandnagar Industries counter, compared to a 2-week average of 24,000 shares. The stock hit an intraday high of Rs 67.60 and an intraday low of Rs 63.45.

It hit a 52-week high of Rs 136 on 14 September 2018 and a 52-week low of Rs 48 on 23 August 2019.

Walchandnagar Industries reported net loss of Rs 20.49 crore in Q1 June 2019 compared with net profit of Rs 7 lakh in Q1 June 2018. Net sales declined 5.1% to Rs 62.79 crore in Q1 June 2019 over Q1 June 2018.

Walchandnagar Industries is a heavy engineering and project execution company. The firm's segments include heavy engineering, foundry, machine shop and others.

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