Elecon Engineering is doing very well today; from its close of Rs.1075.35, the stock opened at Rs.1085.25 and went on to hit a new 52-week high at Rs.1100.45 but is now in the red at Rs.1059 levels, down over 1.5%.

The stock price surged, reacting initially to the receipt of a new order – this is worth Rs.83 crore from Arcelormittal Nippon Steel India, for manufacturing and supply of belt conveyor mechanical equipment and technological structure for its Hazira Plant in Gujarat.

The order is to be executed over the next 10 months.