Elecon Engineering shares scale 52-week high on bagging Rs 82-crore project

The said contract is to be executed in 10 months.

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The Elecon Engineering share price touched a 52-week high of Rs 1,1100.45 in early trade on January 23 after the company bagged a Rs 82-crore project from ArcelorMittal Nippon Steel India.

At 9:23am, Elecon Engineering Company was quoting Rs 1,076.05, up Rs 0.70, or 0.07 percent, on the BSE.

“The company has received a letter of intent for awarding a contract of Rs 82.78 crore (excluding GST) from ArcelorMittal Nippon Steel India Limited, Gujarat, for manufacturing and supply of belt conveyor mechanical equipment and technological structure at its Hazira Plant in Surat,” it said. The contract is to be executed in 10 months.

A meeting of the board of directors of the company has been scheduled on January 25, 2024 to consider and approve the unaudited financial results (both standalone and consolidated) for the quarter and nine months ended on December 31, 2023, along with related segment-wise financial results and other agenda.

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The company had received an order of Rs 51.41 crore, excluding GST, from ArcelorMittal Nippon Steel India Limited (AMNS), for the supply and supervision of pipe conveyor system at its Hazira Plant in Gujarat.

The company had posted a 37.4 percent jump in its September quarter net profit at Rs 88.6 crore as against Rs 64.5 crore, while revenue was up 24.8 percent at Rs 484.9 crore versus Rs 388.6 crore, YoY.