Asian Energy soars upto ~19% on securing major contract worth Rs161 crore

14 Oct 2022 , 02:43 PM

The Singareni Collieries Company Limited has awarded Asian Energy Services Limited and its joint venture partner Furnace Fabrica (India) Limited a contract worth Rs161 crore (excluding GST) for the design, supply, construction, commissioning, erection, and testing of a coal handling plant at RG OC3, Telangana.

Following this development, Asian Energy’s stock jumped as much as 19% to touch intraday high of Rs85.90 on NSE.

This project, the third of its type, has helped Asian establish itself as a trusted and cost-effective service partner to the Indian coal industry.

Asian Energy Services is well-positioned for future growth and expansion, and we are looking for possibilities to enhance our service offerings in the energy industry. The initiation of operation and maintenance services in the offshore/onshore processing facility in Suvali, as well as the development of Coal Handling Plants for ECL for the Rajmahal Hura C- OCP in Jharkhand, at the beginning of 2022, has been a deliberate step in this direction.

We are quite confident of turning coal evacuation infrastructure into a stable business vertical as Government aims to increase domestic coal production to 1.2 billion metric tonnes, commented Ashutosh Kumar, Whole-time Director and CEO of Asian Energy.

At around 2.45 PM, Asian Energy was trading 13.01% higher at Rs80.80, against previous close of Rs71.50 on NSE.

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