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ACE stock rises: Shares of Action Construction Equipment (ACE) jumped as much as 3.62 per cent to hit an intraday high of Rs 1,309.95 per share on Monday, August 19, 2024.
The surge in ACE stock price came after the company announced that it has bagged an order from the Ministry of Defence (MoD).
In an exchange filing, ACE said, “We wish to inform that in our endeavour to expand business in the Defence Sector, Action Construction Equipment Limited (the Company) has been awarded with a prestigious order for supply of 285 numbers for Special Forklifts and 6 numbers of Rough Terrain Cranes with 30 tonne Lifting capacity from Ministry of Defence (MoD).”
According to the order details, the company will be responsible for supplying 285 numbers for Special Forklifts and 6 Rough Terrain Cranes with 30 tonne lifting capacity.
“This order demonstrates our efforts under the “Make in India” and “AatmaNirbhar Bharat” initiatives of the Government of India,” ACE said in a statement.
Action Construction Equipment (ACE), established in 1995, specialises in manufacturing and marketing a broad range of equipment, including hydraulic mobile cranes, mobile tower cranes, forklifts, road construction machinery such as backhoe loaders, compactors, and motor graders, as well as agricultural machinery like tractors, harvesters, and rotavators.
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The company went public in 2006 and has since become the world's leading producer of Pick & Carry Cranes, with a significant presence in over 37 countries.
Domestically, it holds a dominant position with approximately 63 per cent market share in the mobile crane segment and about 60 per cent in the tower crane segment.
In the forklift segment, Action Construction Equipment Ltd is one of the top three players, alongside Godrej & Boyce Mfg. Co. Ltd. and Kion Group AG.
The company's extensive product range supports a variety of industries, including construction, infrastructure, manufacturing, logistics, and agriculture.
The market capitalisation of the company is Rs 15,367.09 crore. The company falls unde the BSE500 category.
At 11:00 AM, ACE shares were trading 2..23 per cent higher at Rs 1,292.40 per share. In comparison, BSE Sensex was trading 0.03 per cent lower at 80,416.52 levels.
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