Stone India gains on JV with Chinese firm for elevators. Stone India rose 3.15% to Rs 95.05 at 10:33 IST on BSE after the company said that its consortium won an order worth Rs 20.62 crore from Lucknow Metro Rail Corporation for installing 97 passenger escalators
Lucknow: Stone India Ltd, as a part of Stone India Consortium, has received an order for design, maintenance, supply, installation and commissioning of 97 nos. Passenger Escalators valuing Rs. 20.62 crores from Lucknow Metro Rail Corporation Limited issued on December 30, 2015. Company Shares was last trading in BSE at Rs.92.15 as compared to the previous close of Rs. 92.55. The total number of shares traded during the day was 64261 in over 475 trades. The stock hit an intraday high of Rs. 93.8 and intraday low of 91.6. The net turnover during the day was Rs.5951155.
Shares of Stone India were up nearly 3% at Rs.91 after the company said it has entered into an joint-venture agreement with Shenyang Brilliant Elevator Group Co. Ltd., China on December 15, 2015. he joint venture company will undertake the business of manufacture and sale of elevators in India with technology from the Chinese firm, Stone India said in a release.
The announcement was made on Saturday, 2 January 2016. Meanwhile, the BSE Sensex was down 259.44 points, or 0.99%, to 25,901.46. On BSE, so far 1.06 lakh shares were traded in the counter, compared with an average volume of 67,374 shares in the past one quarter.
The stock hit a high of Rs 97.70 and a low of Rs 93.85 so far during the day. The stock hit a 52-week high of Rs 101 on 20 February 2015. The stock hit a 52-week low of Rs 41.10 on 3 June 2015.
The stock had outperformed the market over the past one month till 1 January 2016, rising 0.38% compared with 0.03% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 45.81% as against Sensex’s 0.23% fall.
The small-cap company has an equity capital of Rs 9.60 crore. Face value per share is Rs 10. Stone India announced that its consortium has received an order for design, maintenance, supply, installation and commissioning of 97 passenger escalators worth Rs 20.62 crore from Lucknow Metro Rail Corporation.
In a separate announcement on Saturday, 2 January 2016, the company said that it received its first export order worth $7,059 from Singapore’s Global Protek for supplying and installing seven bio toilets at Myanmer.
Stone India reported net profit of Rs 0.68 crore in Q2 September 2015 compared with net loss of Rs 0.25 crore in Q2 September 2014. Net sales rose 29.7% to Rs 30.88 crore in Q2 September 2015 over Q2 September 2014.
Stone India is a multi products engineering company and has been serving Indian railroad industry for over decades. It has a wide range of mechanical and engineering products for the railroad industry.