Asian Energy Services jumped 14.81% to Rs 82.15 after it said that the company, along with its JV partner Furnace Fabrica (India), has secured the contract worth Rs 161 crore from The Singareni Collieries Company.
The contract is for the design, supply, erection, commissioning, construction and testing of a coal handling plant at RG OC3, Telangana.
The third of its kind, Asian has achieved a key milestone with this project to emerge as a dependable and cost efficient service partner to the Indian Coal Industry.
Ashutosh Kumar, whole-time director and CEO, said: "Asian Energy Services is well-positioned to engage in further development and expansion, and is scouting opportunities to broaden our service offerings in energy sector. The commencement of operation & maintenance services in the offshore/onshore processing facility located in Suvali and construction of Coal Handling Plants for ECL for Rajmahal Hura C- OCP, located in Jharkhand at the start of 2022 has been a conscious move 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
Asian Energy Services specialises in a geophysical range of onshore seismic and drilling services, including acquisition, imaging and field evaluation and two-dimensional and three-dimensional seismic data acquisition services. The group also provides engineering, procurement and construction, and operations and maintenance services for various oil and gas production units.
The company reported a consolidated net loss of Rs 8.46 crore in the quarter ended June 2022 as against net profit of Rs 20.62 crore during the previous quarter ended June 2021. Sales declined 64.35% to Rs 27.44 crore in Q1 FY23 over Q1 FY22.
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