Micro Cap Mahindra Stock Jumps 4% After Bagging ₹2.5 Cr Order

Shares of Mahindra EPC Irrigation surged up over 4% on the BSE to hit an intraday high of ₹125.80.

What Happened: The company on Saturday announced bagging an order from the office of the chief engineer, Micro Irrigation Programme. Under the order, the company will be supplying micro-irrigation
systems.

See Also: Zerodha Faces Technical Issues Again, Traders Fume

As per the exchange filing, the order is to be executed within 12 months and is worth around ₹2.45 crore. With a market cap of around ₹330 crore, the micro-cap company provides a range of solutions to farmers, with a focus on micro-irrigation and inter-related requirements of fertigation, and agronomic support.

Mahindra EPC is a Mahindra Group Company, popularly known as EPC Irrigation Limited. Mahindra and Mahindra Ltd. (M&M) has acquired a majority stake in Mahindra EPC Irrigation Limited through preferential issuance of equity shares. Currently, the company owns a 54.26% stake in the company.

Price Action: After the initial surge, shares of the company slumped back in red trading 0.50% lower at ₹119.75.

Read Next:Why Tata Power Shares Hit 52-Week High Today

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.

Comments
Loading...
Posted In: NewsContractsMarketsMoversTrading IdeasMahindra & MahindraMahindra EPCMahindra Group

Loading...