This Bank Of Baroda-Backed Micro Cap Stock Hits Upper Circuit After Order Win

Shares of Jyoti Ltd were locked in 2% upper circuit to continue its eight-straight session-gaining streak on Wednesday.

What Happened: The company announced after market close on Tuesday bagging an order from the Government of Arunachal Pradesh. The project is for the supply of three 500 KW (kilowatt) turbines, generators along with accessories.

The order is worth ₹7.25 crore. 70% of payment will be on a pro-rata basis after supply and the balance 30% after erection and commissioning. The project is to be executed by September 2020.

See Also: Why This HDFC, DSP Fund-Backed Midcap Stock Is Rocketing 12% Today

The stock gained momentum earlier this month when it announced bagging a ₹4.1 crore order from Megha Engineering & Infrastructures. The project is for the design, manufacturing, supply and supervision of erection & commissioning of 32 vertical turbine pumps along with 32 HT induction motors.

Since then the Bank of Baroda-backed stock has climbed up over 30%. The bank holds a 1.32% stake in the company.

Price Action: The share price of Jyoti Ltd was locked in 2% upper circuit at ₹51.04 on Wednesday morning.

Read Next: Why This LIC-Backed Small Cap Stock Is Surging 10% Today

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsContractsMoversTrading IdeasJyoti Ltd