Micro Cap Stock Rockets 8% After Bagging Order From Defence Ministry

Shares of Krishna Defence and Allied Industries Limited jumped over 8.5% on Thursday to hit an intraday high of ₹299.

What Happened: The company on Thursday announced bagging an order from the Ministry of Defence for the supply of a special steel product to be used for naval applications. The total cost of the order is around ₹43.76 crore.

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The contract has to be executed in 24 months. With this contract win, the company’s order inflow for this financial year is ₹174 crore. The stock has been on a tremendous run this past few months. In the last three months, the stock has surged up over 65%.

Earlier in August, the company had secured another order from the Defence Ministry worth around ₹56.14 crore. That order was also for the supply of a special steel product to be used for naval applications.

Price Action: Shares of Krishna Defence and Allied Industries Limited were up 7.27% to trade at ₹295 in early trade on Thursday.

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