Sunil Hitech Engineers was locked at 5% upper circuit at Rs 13.02 at 12:52 IST on BSE, with the stock extending yesterday's rally triggered by the company securing a road project worth Rs 434 crore.
Meanwhile, the S&P BSE Sensex was up 32.28 points or 0.12% at 26,242.96.
On the BSE, 15.72 lakh shares were traded on the counter so far as against the average daily volumes of 8.10 lakh shares in the past one quarter. The stock opened with an upward gap surging by the maximum level of 5% and currently trading at that level at Rs 13.02 so far. The stock hit a low of Rs 12.69 so far during the day.
The stock had hit a record high of Rs 23.43 on 20 October 2016 and a 52-week low of Rs 7.75 on 24 June 2016. It had outperformed the market over the past one month till 28 December 2016, advancing 35.22% compared with the Sensex's 0.53% fall. The scrip had, however, underperformed the market in past one quarter, sliding 10.14% as against the Sensex's 7.36% decline.
The small-cap company has equity capital of Rs 37.80 crore. Face value per share is Rs 1.
Shares of Sunil Hitech Engineers have rallied 10.24% in two trading sessions from its close of Rs 11.81 on 27 December 2016, after company announced securing a road engineering, procurement & construction (EPC) project worth Rs 434 crore in Arunachal Pradesh. This announcement was made after market hours on 27 December 2016. In response to this announcement, the stock had surged by the maximum level of 5% to settle at Rs 12.40 yesterday, 28 December 2016.
Sunil Hitech Engineers said it has been awarded an order worth Rs 434 crore in Arunachal Pradesh for National Highways & Infrastructure Development Corporation on EPC of road project. This project is in joint venture with PCL-Eagle Infra India.
Sunil Gutte, Managing Director of the company, said that the company proposes to bid for the projects worth Rs 6000 crore in the remaining period of this financial year. He further added that the company has boosted its order book in buildings sector which is surely going to be a major sector to contribute in the infrastructure development projects coming up in the country.
Sunil Hitech Engineers' net profit rose 39.7% to Rs 14.84 crore on 19.6% growth in net sales to Rs 496.91 crore in Q2 September 2016 over Q2 September 2015.
Sunil Hitech Engineers is a well established player in EPC and construction of road, bridges, building works of institutions, hospitals and housing projects, cross country pipeline, civil & mechanical works of power and steel plants, cooling towers, chimneys, etc, also in renewable sector.
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