Shares of Artson Engineering were locked in 2% upper circuit on Wednesday.
What Happened: The surge today comes as the company announced bagging an order from Tata Projects. The ₹25.19 crore order is for the fabrication of structures for AMNS Project. The order is expected to be completed within 12 months.
The company is a subsidiary of Tata Projects, which owns around 75% of the micro-cap company. Tata Projects acquired the 75% stake in the Hyderabad-based company in 2007-08. The company caters mainly to the Indian market and also has experience working in middle-east and Gulf Countries.
The company’s revenue for the June quarter stood at ₹41.9 crore, up close to 12% from the year-ago period. Profits for the April-June period stood at ₹1 crore as against a loss of ₹5 crore it reported in the same period last year.
Price Action: Artson’s share price was locked in 2% upper circuit at ₹139 on Wednesday.
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