Surya Roshni gains 4% on winning order worth Rs. 73 cr from Indian Oil Corp.

Shares of Surya Roshni gained 4 per cent to Rs. 349 on the BSE in the intra-day recently after the company said it has received orders worth Rs. 72.62 crore from state-owned oil & gas company Indian Oil Corporation (IOCL).

"The company has obtained orders aggregating to Rs.  72.62 crore (excluding GST) for supply of API 5L Grade 3LPE Coated and bare Pipes to Indian Oil Corporation Limited for gas pipeline projects in Bihar and Tamil Nadu, which is to be executed in 8 months," Surya Roshni said in a exchange filing.

Earlier in September, Surya Roshni had obtained orders aggregating to Rs. 287.45 crore (excluding GST) for the supply of API Grade 3LPE Coated line Pipes to IOCL for LPG pipeline projects and Bharat Gas Resources (BGRL) for CGD.

The company had also received orders worth Rs. 273 crore from other state-owned oil & gas companies including GAIL (India) and Indradhanush Gas Grid (IGGL).

IGGL awarded a contract worth Rs. 221.29 crore, which is to be executed in 60 weeks. Other contract worth Rs. 61.57 crore from GAIL (India), which is to be executed in 8 months, the company said.

At 03:07 pm, the stock was trading 3 per cent higher at Rs. 345, as against a 0.13-per cent gain in the Sensex. A combined around 190,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

BS