Micro Cap Stock Hits 52-Week High After Winning Order From Swiggy

Shares of Alphalogic Industries jumped up close to 10% on Monday morning to hit a new 52-week high of ₹254.75.

What Happened: The company announced bagging two orders on Monday. The first announcement was for an order from Trinity Engineers Private Limited. The order is for the design, manufacture, supply and
installation of MS Pallet and storage rack solution. The ₹30 lakh order is to be completed by December.

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The second order was from Scootsy Logistics Private Limited popularly known as Swiggy (Swiggy merged with its subsidiary Scooty Logistics in 2020). The order is for the design, manufacture, supply and installation of a storage racking system. The order value is around ₹71 lakh and the order is to be completed within this month.

The stock is also gaining strength as the BSE revised its price band from 5% to 10%. The developments helped the stock continue its 5-day gaining streak.

Price Action: Alphalogic Industries shares simmered down after the initial surge and were trading 4.49% higher at ₹242 at the time of writing on Monday.

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Posted In: NewsContractsMoversTrading IdeasAlphalogic IndustriesScootsy LogisticsSwiggy