Rajoo Engineers share price hits 5% upper circuit on securing $15 mn order

Rajoo Engineers hits upper limit: Shares of Rajoo Engineers rose up to 5 per cent to hit an upper circuit of Rs 363 per share on Wednesday, September 11, 2024.

However, Rajoo Engineers scrip were off highs and were trading 2.46 per cent higher at Rs 354.25 per share. In comparison, BSE Sensex was trading 0.12 per cent higher at 82,015.59 levels.

The uptick in Rajoo Engineers share price came after the company announced that it has signed a deal with an internatola entity to develop innovative plastic extrusion machinery for worth $15 million.

Rajoo Engineers, via an exchange filing said, “We are pleased to inform you that the Rajoo Engineers Limited has achieved a significant milestone by signing an agreement to develop innovative plastic extrusion machinery for one of its overseas customer worth $15 million.”

This project will likely contribute to advancements in packaging technology and product shelf life, solidifying the company's leadership in the field, Rajoo Engineers claimed. 

“This agreement not only highlights the company's expertise and ability to innovate but also demonstrates the trust and confidence customers have in the Rajoo’s ability to deliver cutting-edge solutions,” the company said in a statement.

Rajoo Engineers Limited, established in 1986 and headquartered in Gujarat, engages in manufacturing plastic-extrusion machinery. 

Promoted by C N Doshi and R N Doshi, the company offers a range of products including mono and multilayer blown film lines, extrusion coating and lamination lines, and cross lamination film lines. 

Rajoo is notable for its Rajoo Innovation Centre, the first research and development (R&D) facility in Asia designed to allow customers to test products and develop customised solutions. 

The company has formed strategic partnerships with Bausano & Figli (Italy), MEAF Machines B.V. (Netherlands), and Wonderpack (India), and serves major clients such as Uflex, Reliance Industries, and Indian Oil.

With installations in over 70 countries, including Latin America, Europe, and the Middle East, Rajoo Engineers operates a 20,000 sqmt manufacturing facility in Rajkot and is expanding with additional land acquired in November 2023. 

The market capitalisation of Rajoo Engineers is Rs 4,416.03 crore, according to BSE.