Aarvi Encon jumps over 3 per cent on bagging new order from Indian Oil Corporation
On Monday, Aarvi Encon Limited announced that it has received an order approximately worth Rs 10.69 crore from Indian Oil Corporation Limited (IOCL).
The above-mentioned order is a work order, which includes the supply of skilled workforce for the purpose of research as well as non-research project work at R&D Centre, IOCL, Faridabad.
Further, the key managerial personnel are of the view that the work order is quite significant for determining the materiality of the event or disclosures as per SEBI. The period contracted is for 2 years from handing over the site.
Aarvi Encon has been serving IOCL for a couple of years and this order will further enhance the leadership position of the business, which will cater to the operation & maintenance (O&M) of pipeline projects in between the tough competition.
Aarvi Encon is an India-based company, engaged in providing technical manpower outsourcing services. It serves various industries across the market. Also, it provides O&M services to the industries, such as tank terminal, pipeline, oil & gas, refinery, and solar energy. On the other hand, Indian Oil Corporation Limited (IOCL) is a company, engaged in refining business that sells petroleum products, petrochemicals and other businesses.
Aarvi Encon’s share was trading at Rs 42.80 at 2.05 pm on Monday, which is 3.63 per cent up on NSE.