This microcap stock hit 20% upper circuit on bagging order from JSW Steel

Sharika Enterprises shares hit 20 per cent upper circuit on Tuesday and at ₹14.89 per share on BSE, after the company bagged an order from JSW Steel

Don't want to miss the best from Business Standard?

Sharika Enterprises shares hit 20 per cent upper circuit on Tuesday and at ₹14.89 per share on BSE. At 9:47 AM, Sharika Enterprises' share price was trading 19.98 per cent higher at ₹14.89 per share. Meanwhile, JSW Steel shares were up 0.55 per cent at ₹1040.1 per share. In comparison, the BSE Sensex was up 0.25 per cent at 80,568.91. 

 

The market capitalisation of the company stood at ₹64.47 crore. The 52-week high of the stock was at ₹24.5 per share, and the 52-week low was at ₹12.05.

 

In one year, Sharika Enterprises' shares have lost 46.8 per cent, as compared to Sensex’s decline of 2.6 per cent.

Why were Sharika Enterprises shares rising? 

The stock was in demand after the company bagged an order from JSW Steel. Under the contract, the company will supply and service 220 KV HT and 33 KV cables along with accessories at JSW Steel, Dolvi. 

 

 The purchase order is valued at ₹ 19,13,69,661 and has to be executed within six months. 

 

“Please take note that the company has received a purchase order from JSW Steel Limited for the supply and Services of 220 KV HT Cables and the supply of 33 KV Cable along with accessories at JSW Steel Limited, Dolvi, for a consideration of Rs. 19,13,69,661/-,” the filing read. 

 

Sharika Enterprises delivers smart, sustainable, and reliable infrastructure solutions. Its focus lies in digitalised energy systems that empower cities, industries, and utilities with intelligent, flexible power networks. From turnkey EPC solutions and substation automation to EHV cable networks and city-wide optical fibre and radio systems, Sharika has consistently delivered high-impact projects across the country.

 

JSW Steel manufactures value-added and high-end steels and operates plants in Karnataka, Tamil Nadu, and Maharashtra with a combined capacity of 29.7 MTPA (million tonnes per annum), which it is scaling up toward 40 MTPA. It also holds a plate and pipe mill in the US and mining assets in the US, Chile, and Mozambique, and exports to more than 100 countries. Around 40 per cent of its product mix is currently high-value steel, with a stated target to raise this to 50 per cent, and it runs ongoing research and development programmes and technology partnerships with firms such as JFE Steel, Marubeni Itochu Steel, Praxair, and Severfield Rowen Plc.