Action Construction Equipment gains 2% after defence ministry orders special mobile cranes

Action Construction Equipment has been moving in a particular range for more than a week now, especially after rising more than 20 percent from the low of December 26, 2022.

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Action Construction Equipment shares gained more than 2 percent on January 12 after the company bagged an order for special mobile cranes from the defence ministry.

“We have received a pilot order for manufacturing and supply of the special mobile cranes which have been integrated on HMV 8X8 chassis by ACE. The cranes are hydraulically powered, use telescopic boom sections, and are equipped with sophisticated safety devices,” said the company in its BSE filing.

In continuation of its efforts to expand business in the defence sector, the company has developed an indigenous special mobile crane for the defence ministry, DRDO, programme MRSAM (Army).

ACE said these cranes of specified tonnage are the first-of-its-kind to be developed by an Indian company using advanced technology.

The stock was quoting at Rs 316.6, up 2.2 percent at the time of writing this article.

It has recouped all its previous day’s losses and has seen a bullish candle formation on the daily charts, making a higher-high-higher-low formation. In fact, it has been moving in a particular range for more than a week now, especially after rising more than 20 percent from the low of December 26.