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Sunil Hitech Engg jumps on new order

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Capital Market
Last Updated : Dec 29 2016 | 12:01 AM IST

Sunil Hitech Engineers was locked at 5% upper circuit at Rs 12.40 at 9:29 IST on BSE after the company said it has secured a road engineering, procurement & construction project worth Rs 434 crore in Arunachal Pradesh.

The announcement was made after market hours yesterday, 27 December 2016.

Meanwhile, the S&P BSE Sensex was up 37.62 points or 0.14% at 26,251.06.

On the BSE, 1.85 lakh shares were traded on the counter so far as against the average daily volumes of 8.05 lakh shares in the past one quarter. The stock opened with an upward gap surging by the maximum level of 5% and remained locked at that level at Rs 12.40 so far during the day.

The stock had hit a record high of Rs 23.43 on 20 October 2016 and a 52-week low of Rs 7.75 on 24 June 2016. It had outperformed the market over the past one month till 27 December 2016, advancing 35.13% compared with the Sensex's 0.39% fall. The scrip had, however, underperformed the market in the past one quarter, declining 14.36% as against the Sensex's 7.12% fall.

The small-cap company has equity capital of Rs 37.80 crore. Face value per share is Rs 1.

Sunil Hitech Engineers said it has been awarded an order worth Rs 434 crore in Arunachal Pradesh for National Highways & Infrastructure Development Corporation on engineering, procurement & construction (EPC) of road project. This project is in joint venture with PCL-Eagle Infra India.

Sunil Gutte, Managing Director of the company, commented that with the receipt of latest order, the company is continuing its strategy to diversify its order book which will improve its profitability. Its total order book on road segment is now about Rs 1352 crore comprising of 6 projects, in Bihar, Karnataka, West Bengal and Arunachal Pradesh. With these orders, company is having strong foothold in the road sector, he said.

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Gutte added that the company proposes to bid for the projects worth Rs 6000 crore in the remaining period of this financial year. He further added that the company has boosted its order book in buildings sector which is surely going to be a major sector to contribute in the infrastructure development projects coming up in the country.

Sunil Hitech Engineers' net profit rose 39.7% to Rs 14.84 crore on 19.6% growth in net sales to Rs 496.91 crore in Q2 September 2016 over Q2 September 2015.

Sunil Hitech Engineers is a well established player in EPC and construction of road, bridges, building works of institutions, hospitals and housing projects, cross country pipeline, civil & mechanical works of power and steel plants, cooling towers, chimneys, etc, also in renewable sector.

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First Published: Dec 28 2016 | 9:20 AM IST

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