Sanghvi Forging & Engineering rose 6.07% to Rs 43.70 at 13:31 IST on BSE after the company said it bagged orders worth Rs 12 crore.
The announcement was made after market hours yesterday, 12 April 2016.
Meanwhile, the BSE Sensex was up 433.05 points, or 1.72%, to 25,578.64 .
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 15,553 shares in the past one quarter. The stock hit a high of Rs 44 and a low of Rs 41.45 so far during the day. The stock hit a 52-week high of Rs 76 on 15 April 2015. The stock hit a 52-week low of Rs 37.10 on 21 March 2016. The stock had underperformed the market over the past one month till 12 April 2016, sliding 4.74% compared with 1.73% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 28.29% as against Sensex's 1.88% rise.
The small-cap company has an equity capital of Rs 14.89 crore. Face value per share is Rs 10.
The fresh orders have come in from oil & gas and power sectors. The majority of the orders received by the company are for its new heavy open die forging plant, Sanghvi Forging & Engineering said in a statement.
The company's newly started heavy open die forging unit with the capacity of 15000 MTPA has increased the company's forging capacity fivefold. The company said it is receiving good amount of orders from oil & gas, power and irrigation sectors for its new plant. The new plant is equipped with product, quality approvals from all major industrial sectors i.e. petrochemicals, power, oil & gas, defence, aerospace sectors.
The company's total order book size as on 13 April 2016 is Rs 40 crore and out of this around 75% is domestic and rest is from export orders, the company said.
On a consolidated basis, Sanghvi Forging & Engineering reported net loss of Rs 1.73 crore in Q3 December 2015 as against net loss of Rs 0.43 crore in Q3 December 2014. Net sales declined 24.42% to Rs 19.28 crore in Q3 December 2015 in Q3 December 2014.
Sanghvi Forging & Engineering is engaged in manufacturing of open and closed die forging products for the oil & gas, petrochemicals, ship building, power & other sectors. It also exports products to various foreign countries over the last two decades.
Powered by Capital Market - Live News
