BGR Energy Systems rallied 12.55% to Rs 75.35 after the company said it secured orders from Indian Oil Corporation (IOCL) for construction of civil and structural works in Panipat Refinery Project Complex.
The contract value is Rs 330 crore and the contract completion period is 18 months.BGR Energy Systems is a manufacturer of capital equipments for power plants, petrochemical industries, refineries, process Industries and undertakes turnkey Balance of Plant (BOP') and Engineering Procurement and Construction (EPC') contracts for power plants. The company has been achieving its objectives through its five business units: power projects, electrical projects, oil and gas equipment, environmental engineering and air fin coolers.
The company reported consolidated net loss of Rs 122.01 crore in Q2 FY23 as compared to net profit of Rs 3.11 crore in Q2 FY22. Net sales declined 64.5% year on year to Rs 180.83 crore in Q2 FY23.
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