Shares of Kernex Microsystems jumped up sharply on Tuesday morning to hit the upper circuit at ₹610.70.
What Happened: The surge today comes as the company on Monday evening announced bagging an order from the Indian Railways. The South-Central Railway has granted an order amounting to ₹109.465 Crores to a Joint Venture involving the company, namely VRRC-KERNEX-CE-RVR JV.
This contract is specifically for the implementation of comprehensive signalling and telecommunication works, focusing on the provision of an automatic block signalling system within the Vemulapadu – Muddanuru section of the Guntakal division in the South Central Railway network. The company is a partner in this Joint Venture, and details regarding its specific share in the project will be determined at a later stage. The order is to be completed within 600 days.
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The stock has had a great year, going up over 120% in the last 365 days. With a market cap of around ₹1,000 crore, the micro-cap company was incorporated on September 15, 1991, as a private limited company with the object of designing, developing, installing and maintaining software packages for domestic and international markets.
Price Action: Kernex’ share price was locked in 5% upper circuit at ₹610.70 on Tuesday.
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