Intraday Spotlight: Heres why this capex heavy stock jumped over 6 per cent today
Large order win has boosted the bullish trend
ISGEC Heavy Engineering Ltd, which is a diversified heavy engineering company, has jumped by over 6 per cent in today’s morning session from its previous close of Rs 551.90. The stock opened at Rs 578 and has made its day high of Rs 590. As of 2 pm today, the stock was trading near Rs 574, up by nearly 4 per cent on the BSE. The company has won major orders for cement waste heat recovery boilers from Shree Cement.
According to its press release, the scope of work includes designing, manufacturing, and supplying of PH boiler in the preheater exhaust and AQC boiler in the cooler exhaust. This order win marks the third project done by ISGEC for Shree Cement. For the quarter ended December, the company reported slight growth of 0.22 per cent in revenues and a decline of 20 per cent in net profit on a YoY basis.
ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project businesses with an extensive global presence. It provides state-of-the-art, sustainable engineering solutions, with customers and projects spread across 91 countries.
The stock has a 52-week high and low of Rs 877 and Rs 442, respectively.