Technofab Engineering surges 20% on order win of Rs 281 crore

The stock was locked in upper circuit of 20% at Rs 289, also its 52-week high on the BSE, after the company received order in the domestic water sector valued Rs 281 crore.

Technofab Engineering is locked in upper circuit of 20% at Rs 289, also its 52-week high on the BSE, after the company received an order in the domestic water sector valued at Rs 281 crore. The project is funded by Asian Development Bank.

The company said with this the order backlog stands at approximately Rs 2,000 crore of which the water sector now contributes close to 45%.

“This order gives a further impetus to the Company’s standing in the water sector, coming as it does, soon after securing orders in Bhutan and Uganda, and recently completed projects in Tanzania and Zimbabwe,” Technofab Engineering said in a statement.

Till 09:26 AM; a combined around 27,000 shares changed hands on the BSE and NSE. There were pending buy orders for total 60,739 shares on both the exchanges.