Technofab Engineering wins order, hits 52-week high

Technofab Engineering is sizzling on bourses on Wednesday as the stock locked at its 20 per cent upper circuit on the back of winning an order worth Rs. 281 crore. The stock touched a 52-week high of Rs 289.20 per share.
 
The company has announced that it has received new order in the domestic water sector. The project is to be funded by Asian Development Bank. The company in a press release said, “This order gives a further impetus to the company’s standing in the water sector, soon after securing orders in Bhutan and Uganda, and recently completed projects in Tanzania and Zimbabwe”
 
The company’s order backlog currently stands at about Rs. 2,000 crore. The water segment contributes close to 45 per cent to the order book.
 
Technofab Engineering is a medium sized electro - mechanical engineering and construction company, serving the power, industrial and infrastructure sectors.
 
At 9:57 am, the stock of Technofab Engineering was trading at Rs. 289.20 per share, up Rs 48.20 or 20 per cent from its previous closing price of Rs. 241 on BSE. The stock attracted a traded volume of 7,498 on BSE.