Micro Cap Stock Surges 18% After Bagging Order From NHAI

Shares of Artefact Projects surged up over 18% to hit an intraday high of ₹58.40 on Monday morning.

What Happened: The company on Saturday announced bagging an order from the National Highway Authority of India. The contract is for independent engineer (IE) services for the operation and maintenance stage of four laning of Kashipur- Sitarganj section NH-74 from 175 kilometres to 252.2 kilometres in Uttarakhand and Uttar Pradesh under NHDP Phase -IV.

As per the exchange filing, the company's contracted fees for the above project awarded is around ₹5.07 crore. The company informed that with this order, its order book stands at ₹236 crore.

See Also: This Mukul Agrawal Backed Small Cap Stock Jumps On Defence Order Win

Earlier this month, the company announced bagging several orders from NHAI. The company has been awarded consultancy Services for independent engineer services for the operation and maintenance of Madurai-Virudhunagar and Virudhunagar to Kayathar. This contract was worth ₹6.57 crore.

The company had also announced winning several contracts from the NHAI on September 5 worth ₹14.7 crore.

Price Action: Artefact Projects’ share price was up 11.27% to trade at ₹54.79 on Monday’s afternoon trading.

Read Next: This Quant Fund-Backed Micro Cap Stock Surges 8% After Multiple Order Wins

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 IdeasArtefact Projects