Sanghvi Forging zooms on new orders worth Rs 11cr

The company has received fresh orders worth Rs 11 crore from oil&gas and power sectors

Shares of Sanghvi Forging and Engineering has zoomed 14% to Rs 51 after the company announced that it has received fresh orders worth Rs 11 crore from the oil and gas and power sectors.

"The new spate of order from the oil & gas and power sectors show that our quality is being increasingly accepted by them. Also the fact that these use a high component of forging is good for our company," the company said in a release quoting managing director, Jayanti Sanghvi.

The total order book size as on December 4, 2014 is Rs 45 crore and out of this around 75% is domestic and rest are from export orders, the release added.
 

The stock opened at Rs 45 and touched a high of Rs 53. At 10:15AM, nearly 30,000 shares were traded on both the stock exchanges.