Shares of Likhitha Infrastructure hit a record high of Rs 393, rallying 15 per cent on the BSE in intra-day trade on Monday. The stock has surged 23 per cent in past two trading days after bagging multiple orders from Indian Oil Adani Gas Private Limited.
Thus far in the calendar year 2021 (CY21), the stock of smallcap construction & engineering company has zoomed 138 per cent, as the company secured orders worth Rs 234.85 crore during the fourth quarter of financial year 2020-21 (Q4FY21). In comparison, the S&P BSE Sensex has moved up 3 per cent during this period. With strong rally in past couple of month, shares of the company have soared 228 per cent from its issue price of Rs 120. The company debuted at the exchanged on October 15, 2020.
On March 31, Likhitha Infrastructure informed the stock exchanges that the Company received orders worth Rs 200.22 crore from various oil/gas distribution companies during the quarter from January 2021 to March 2021. The company said it received order worth Rs 169.47 crore for cross-country pipeline laying and related works and Rs 30.75 crore city gas distribution (CGD) pipeline and related works.
Later, the company further informed that a contract of Rs 34.63 crore has been received from Indian Oil Adani Gas Private Limited for laying pipeline from Thrissur geographical area to Ernakulam geographical area. "Accordingly, the company has received a total orders/contracts worth Rs 234.85 crore during the quarter from January 2021 to March 2021," it said.
Likhitha Infrastructure engaged in the business of pipeline laying providing comprehensive erection, testing and commissioning of oil & gas pipelines, city gas distribution projects and operation and maintenance (O&M) services. It's operations include three principal business lines - cross country pipelines and associated facilities, city gas distribution including CNG stations, and operation & maintenance of CNG/PNG services. It is the first company that has executed the first Trans-National Cross Country Hydrocarbon Pipeline Project between India and Nepal.
At 03:05 pm; the stock was trading 10 per cent higher at Rs 379 on the BSE, as compared to 1.8 per cent decline in the S&P BSE Sensex. A combined 600,000 equity shares changed hands on the counter on the NSE and BSE.