The shares of this small-cap stock gained up to 4 percent after the company received a new work order valued at Rs 148 crore for the Coal Evacuation System.
With a market capitalization of Rs 1,162.25 crore, the shares of Asian Energy Services Ltd closed in positive at Rs 284.00 crore, increasing around 1.52 percent as compared to the previous closing price of Rs 279.75 apiece.
The company shares have seen such a bullish movement after Asian Energy Services Ltd, along with its JV partner Indwell has been awarded an order for Design, Supply, Erection & commissioning Trial Run, etc for the Coal Evacuation System by Belt Conveyors at PKOCP, Manuguru Area of The Singareni Collieries Company Limited (SCCL).
Moreover, the contract is valued at Rs 148 crore and the order will be executed over a span of 18 months.
Commenting on this, Mr Kapil Garg, Managing Director, Asian Energy Services Limited said, “We are delighted to announce that we have won another contract valued at ~Rs 148 crores in the coal segment.
This marks our second order secured with SCCL, highlighting not only the confidence major players place in us but also our capability to consistently win repeat business from our clients.
This achievement underscores our optimistic outlook on the abundant opportunities within the mineral sector, particularly in coal. It stands as a testament to our strategic shift from solely focusing on seismic services to embracing a more diversified approach. We are enthusiastic about the promising prospects that lie ahead in the mineral industry.”
Looking into the company’s financial condition, revenue magnified drastically by 310 percent from Rs 29 crore in Q4FY23 to Rs 119 crore in Q4FY24 but during the same period, net loss turned into profit from Rs 7 crore to Rs 15 crore.
It offers geophysical data acquisition (seismic), turnkey drilling, production facility construction (EPC) and operation and maintenance, on-site data processing, enhanced oil recovery services, seismic consulting and interpretation, wireless seismic and data acquisition, and a variety of other services.
The stock has given a return of 5 percent in six months and a multi-bagger return of 120 percent in a year, If an investor invested Rs 1 lakh a year ago, it would now be worth Rs 2.20 lakh.
Asian Energy Services Limited is a mineral and energy services company established in India. The Company’s services include geophysical data acquisition (seismic), turnkey drilling, production facility construction (EPC), and facility management and maintenance.
Written by:- Abhishek Singh
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