ISGEC Heavy Eng spurts up

Yesterday after market hours, ISGEC Heavy Engineering announced yesterday night after market hours that it has received an order for supply of seven waste heat recovery boilers utilising waste gases from DRI Sponge Iron Kiln.

Earlier the company supplied four CFBC boilers to the same company, which are in operation satisfactorily.

The stock price has reacted positively, opening over 2.5% higher at Rs.459.15 and rose further by 4% to an intraday high at Rs.465; volumes are around 3500 shares v/s 2-week average of 6600 shares.

The company manufactures process equipment, presses, iron & steel castings, and boiler pressure parts. It had ended Q3FY23 with a 34% increase in consolidated net profit at Rs.63 crore on a 14% rise in revenue at Rs.1597 crore.