Stone India chugs along into green
Stone India makes mechanical and engineering products for the railroad industry and it seems to have started 2016 on a very good note. On 2nd Jan, it reported two orders. First - as a part of Stone India Consortium, it has received an order for design, maintenance, supply, installation and commissioning of 97 passenger escalators valuing Rs. 21 crore from Lucknow Metro Rail Corporation, issued on December 30, 2015.
The other was an export order – it has received it's 1st Export Order for supply & installation of 7 units of Bio-Toilets at Myanmer valuing US$ 7,059 issued on December 31, 2015 by Global Protek pte Ltd, Singapore.
The markets have been waiting for “railway” stocks to get a boost from Railway Minister with new orders expected to come in as he plans on massive expansion and modernization programs. Nothing yet from there but this Metro order and export order would also do!
Stone India rose intra day by over 6% to Rs.97.70, close to its 52-week high of Rs.101.