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ISGEC Heavy Engg spurts on bagging Hindalco order

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ISGEC Heavy Engineering jumped 4.38% to Rs 275.50 after the company bagged an order worth Rs 126.50 crore from Hindalco Industries.

In a BSE filing made after market hours on Friday, the company said that the order is for a semi-dry flue-gas desulfurization (FGD) system for one of Hindalco's 150 MW units at Mahan Aluminium at Singrauli, Madhya Pradesh.

"Though the Letter of Intent from Customer was received in February 2020, the contract signing could take place only after the lockdown was lifted," ISGEC said.

It added that the project was won through competitive bidding against other technology providers and the schedule for completion of the project is 22 months.

The broad scope of the project includes design, engineering, manufacturing, supply, civil works, construction, commissioning and performance guarantee testing for the complete semi-dry flue gas desulphurisation system package (SDFGD) for the 150 MW Unit.

The order is an addition to Isgec's FGD order book as the company is currently executing orders from NTPC for wet FGD packages for two of its plants at Kudgi and Gadarwara.

Isgec Heavy Engineering is a diversified heavy engineering company engaged in manufacturing and project businesses with an extensive global presence.

The company's consolidated net profit jumped 47.5% to Rs 41.70 crore on a 12.2% fall in net sales to Rs 1048.86 crore in Q1 FY21 over Q1 FY20.

The stock has added 19.70% in the past three months while the S&P BSE Sensex rose 15.82% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, September 14 2020. 12:38 IST