Tata Group stock engaged in offering engineering, manufacturing, construction, and other EPC services jumped upto 4 percent in the day’s trade upon receiving a new work order worth Rs. 11.50 Crores from Deepak Nitrite Limited.
Price Action
With a market capitalization of Rs. 668 Crores, the shares of Artson Engineering Limited were trading at Rs. 181.20 per equity share, down 0.69 percent from its previous day’s close price of Rs. 182.45.
What Happened
Artson Engineering Limited has received a new work order from Deepak Nitrite Limited for the Manufacture & Supply of 4 Nos. of Anhydrous Ammonia Storage Tanks for a consideration of Rs. 11.50 Crores and it should be executed by 32 weeks.
In Addition, it has recently received a work order from Hindalco Industries Limited for providing Engineering, Civil Works, Supply, and Fabrication work of its 3rd Coke Silos for a consideration of Rs. 33.33 Crores and it is to be executed in 18 months.
Tata Group Stake
Tata Projects Limited is the promoter of Artson Engineering Limited and as of Q1FY25, it holds a 75 percent stake in the company consisting of ~2.77 Crore shares.
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About the Company
Artson Engineering Limited is an engineering, manufacturing, and construction (EMC) contracting company. It offers a range of services, such as design and engineering, steel structure fabrication management, and capital repairs and upgrades. Its design and engineering service includes sizing of pumps, pipes, utilities, stress analysis, piping layouts, and isometrics.
It has a diversified range of businesses from process equipment manufacturing for oil and gas, petrochemicals, power, and metallurgy industry to construction of bulk liquid storage farms, industrial piping, structure fabrication, marine platform construction, plant repair, and other industrial services.
Its Revenue from operations declined by 40 percent from Rs. 41.89 Crores in Q1FY24 to Rs. 24.97 Crores in Q1FY25, accompanied by profits of Rs. 1.03 Crores to a loss of Rs. 49 Lakhs.
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Written by: Bharath K.S
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