Shares of Hind Rectifiers surged up 10% on Tuesday morning to hit an intraday high of ₹618.25.
What Happened: The massive surge today comes as the company on Monday announced bagging orders from the Indian Railways. The company made the regulatory filing in the after-market hours.
The company has not provided a lot of information about the contract. The supply orders are worth over ₹200 crore, as disclosed in the exchange filing. The period for the order is specified between FY24-25.
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The announcement helped the stock halt its four straight session losing streak. The stock has been on an incredible run. In the past year, the stock has surged up over 200%.
With a market cap of around ₹1,000 crore, the micro-cap stock was established in 1958 through a collaboration with Westinghouse, Brake & Signal. Hind Rectifiers Ltd., boasts a rich legacy and extensive expertise in the development, design, manufacturing, and marketing of Power Semiconductors, Power Electronic Equipment, and Railway Transportation Equipment.
Price Action: Hirect share price was stuck in the 10% upper circuit at ₹617.45 shortly after market open on Tuesday.
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