Sanghvi Forgings rises over 6%

Sanghvi Forgings rose over 6% to Rs.44.40, a new high today though volumes remained at less than 5700 shares v/s 20,000 shares on a 2-week average.

The stock price has soared after it announced today morning that it has won orders to the tune of Rs.11 crore from the oil and gas sector.

The company has given no details of company names from whom it got the orders.

Though it has gone on to say, “The said order will help the company to boost the sales hereby resulting into increased capacity utilization. It will support the Company to strengthen its position in the Oil & Gas Sector & to establish itself as a leading player in the same. These orders will be executed in the next 12 months.”

The company is engaged in manufacturing of open and closed die forging products for the oil & gas, defense, ship building, power & other sectors and exports products to various foreign countries over the last two decades.