Surya Roshni spurts on bagging orders

Surya Roshni surged 8.27% to Rs 210.10 after the company said it received orders worth Rs 272.86 crore for supplying coated API line pipes to GAIL (India) and Indradhanush Gas Grid (IGGL) for North-East gas grid pipe line project.

Sep 28, 2020 09:09 IST capital market

The company has received an order worth Rs 61.57 crore from GAIL (India) for supplying coated API line pipes for Mumbai-Nagpur-Jharsuguda pipe line project in Maharashtra. The domestic order is to be executed in 8 months.

It has also obtained an order worth Rs 211.29 crore from Indradhanush Gas Grid (IGGL) for supplying coated API line pipes for North-East gas grid line project in Assam. The domestic order is to be executed in 60 weeks. The announcement was made on Sunday, 27 September 2020.

Surya Roshni manufactures cold rolled steel strips, pipes and tubes, in addition to lamps and other lighting accessories.

On a consolidated basis, the companys net profit slumped 88.4% to Rs 2.23 crore on a 37.2% fall in net sales to Rs 887.10 crore in Q1 FY21 over Q1 FY20.

Currently, the stock is trading 1.8% below its 52-week high of Rs 214 recorded on 21 September 2020. It has surged 240.5% from its 52-week low of Rs 61.70 hit on 30 March 2020.

On a year-to-date (YTD) basis, the stock has gained 30.89% while the benchmark S&P BSE Sensex has lost 8.78% during the same period.

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