Kridhan Infra surged 7.53% to Rs 48.55 at 09:26 IST on BSE after the company's subsidiary Swee Hong won construction order worth Rs 167 crore in Singapore.
The announcement was made after market hours yesterday, 8 January 2019.Meanwhile, the S&P BSE Sensex was up 199.87 points, or 0.56% to 36,180.80
On the BSE, 27,000 shares were traded in the counter so far compared with average daily volumes of 6,798 shares in the past two weeks. The stock had hit a high of Rs 49.35 and a low of Rs 46.80 so far during the day.
Kridhan Infra announced that its Singapore Subsidiary Swee Hong, together with its step-down subsidiaries, has secured a contract from the Public Utilities Board worth SG$ 32.5 million (Rs 167.6 crore) in aggregate for construction of link sewers for the DTSS Phase 2 Project at Old Choa Chu Kang Road/ Jalan Bahar, in Singapore.
Kridhan Infra had acquired a majority stake in Swee Hong in 2016. Swee Hong is an EPC company in Singapore.
On a consolidated basis, net profit of Kridhan Infra rose 6.93% to Rs 14.50 crore on 18.96% decline in net sales to Rs 171.90 crore in Q2 September 2018 over Q2 September 2017.
Kridhan Infra is one of the pioneers in introducing the concept of ready-to-use steel for the construction industry in India. The company expanded its business to Singapore, Myanmar, Malaysia, and other South East Asian countries.
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