Sanghvi Movers shares surged over 3 per cent on Monday following the receipt of two contracts for a value in excess of ₹180 crore.
An order for a turnkey customised solution for Independent Power Producers (IPP) in the renewable energy sector includes project monitoring and engineering solutions while delivering mechanical (cranes, trailers, and installation and commissioning services), civil, electrical, and site management activities.
The duration of the order is ten months and its majority will be executed in FY2024-25.
The company has also bagged a new business offering for above-ground piping work, fabrication, painting and erection which includes supply of skilled manpower and tools and tackles specifically for the hydrocarbons sector. The order has been received from a global EPC player and the duration is for six months, to be executed in this financial year.
The stock traded at ₹1,101.80 on the NSE, higher by 3.34 per cent as of 12 noon. The stock has earlier hit its 52-week high at ₹1,494.95 on the NSE on May 16, 2024.