Shares of Elgi Equipments went up over 10% on Tuesday to hit an intraday high of ₹538.90.

What Happened: The surge comes today as the company on Monday evening announced bagging a letter of award from Siemens Limited. The order is for the supply and maintenance of air generation and treatment units and aux compressors. Both companies have also signed the letter of intent.

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The company will supply 2,400 sets of air screw compressors with dryer packages and 1,200 auxiliary compressors. The order is to be supplied over a period of 10 years and 35 years of maintenance from the date of supply.

The announcement helped the Nemish Shah-backed stock halt its two-session losing streak. The Elgi Equipements share price has had a mostly flat past few months. In the last six months, the stock is up around 8%. Shah owns a 1.69% stake in the company, which is worth around ₹275 crore.

Price Action: Elgi Equipments’ share price simmered down substantially after the initial surge. At the time of writing, the stock was up 3.69% to trade at ₹506.80.

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