Here's why RBM Infracon stock was locked in 5% upper circuit today; details

RBM Infracon shares hit 5% upper circuit: Construction engineering company RBM Infracon shares were locked in 5 per cent upper circuit at Rs 800.50 per share on NSE. 

The uptick in the RBM Infracon stock price came after the company announced that it has bagged an order worth Rs 3,498 crore from Oil and Natural Gas Corporation (ONGC).

In an exchange filing, RBM Infracon said, “We are pleased to inform you that our Company has received a service order from ONGC.”

Of Rs 3,498 crore order, Rs 3,371 crore order is for Crude and Rs 127 crore is for Gas at Nandej, the company said in a statement. 

 

The order has a validity period of 15 years or 180 months from the effective date, it added.

The company further assures to achieve the requisite order before time. 

Founded in 2013, RBM Infracon Limited engages in engineering, execution, testing, commissioning, operation, and maintenance of mechanical and rotary equipment across various industries, including oil and gas refineries, cement production, fertilisers, petrochemicals, and coal/gas-based power plants. 

The company offers a range of services such as structural and piping fabrication and erection, ARC maintenance, turnaround services, blasting and painting, insulation and refractory, as well as electrical and instrumentation work and NDT (Non-Destructive Testing). 

RBM Infracon operates at numerous facilities, including CDU-VDU, DHDS, NHT-CCR, HMU-I & II, CPP, DCU, Rail, and Jetty, and has undertaken ARC maintenance projects at Reliance Industries Ltd (RIL) in Jamnagar and YARA Fertilisers in Babrala. 

The shares of RBM Infracon got listed on NSE SME on January 4, 2023. The total market capitalisation of the company is Rs 808.75 crore, according to National Stock Exchange (NSE).

At 10:10 AM, shares of RBM Infracon continued to remain  locked in the  5 per cent upper circuit at Rs 800.50 per share. In comparison, Nifty50 was trading 0.16 per cent lower at 24,812.60 levels.