Lloyd Electric & Engineering gained 1.75% at Rs 10:30 IST on BSE after the company said it was awarded major Indian Locomotive heating, ventilation and air conditioning contract by GE Transportation.
The announcement was made after market hours yesterday, 19 September 2016.Meanwhile, the BSE Sensex was down 62.92 points, or 0.22%, to 28,571.58.
More than usual volumes were witnessed on the counter. On BSE, so far 1.15 lakh shares were traded in the counter, compared with an average volume of 59,860 shares in the past one quarter. The stock hit a high of Rs 282.70 and a low of Rs 276.20 so far during the day. The stock hit a record high of Rs 328.80 on 21 December 2015. The stock hit a 52-week low of Rs 175.90 on 29 February 2016. The stock had outperformed the market over the past one month till 19 September 2016, rising 15.58% compared with Sensex's 1.99% rise. The scrip had also outperformed the market in past one quarter, rising 15.17% as against Sensex's 7.54% rise.
The small-cap company has an equity capital of Rs 40.33 crore. Face value per share is Rs 10.
Lloyd Electric & Engineering has been awarded a contract worth $18 million by GE Transportation to supply custom designed air conditioning units for the Indian Railways Marhowra Locomotive project. The contract is to design, manufacture, test and supply air conditioning units to be manufactured in Lloyd's factory in Bhiwadi, Rajasthan over a period of 11 years. Design of the equipment will be a collaborative effort within the Lloyd group of companies and led by Lloyd's recently acquired subsidiary Noske-Kaeser Rail & Vehicle New Zealand, based in Palmerston North, New Zealand.
The air conditioning units to be manufactured by Lloyd are to provide driver comfort for 1,000 diesel locomotives to be manufactured in a new plant being built by GE Transportation in Marhowra, Bihar. This project advances the 'Make in India' initiative.
Net profit of Lloyd Electric & Engineering rose 28.9% to Rs 43.90 crore on 25.8% rise in net sales to Rs 893.63 crore in Q1 June 2016 over Q1 June 2015.
Lloyd Electric and Engineering is one of the largest manufacturers of air conditioner coils in India. It also manufactures air conditioners for the Indian railways, metro rail and buses.
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