This Micro Cap Stock Skyrockets 20% After Winning Orders From Reliance Group

Shares of Sonu Infratech surged up close 20% on Friday morning to hit a new 52-week high of ₹62.50.

What Happened: The company on Friday announced that it had won several orders during the current financial year. The company said that the orders that are for various civil repair and maintenance Projects are worth around ₹47.35 crore.

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The company won orders from Reliance Industries Limited, Reliance Sibur Elastomers Private Limited, Sikka Ports & Terminals Limited, Jamnagar Utilities & Power Private Limited and Reliance Syngas Limited. All of these come under the Reliance Group.

With a market cap of around ₹50 crore, the company is involved in civil construction, structural painting, mechanical scaffolding, and project management field.

The announcement helped the stock continue its three-session gaining streak. In The past 30 days, the stock has climbed up close to 40%.

Price Action: Sonu Infratech shares were locked in 20% upper circuit at ₹62.50 on Friday morning.

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