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Refex Industries Shares Rise After ₹160 Crore Ash Order
Refex Industries is a company whose shares rose on Monday.
The rise followed news that it won an order worth about ₹160 crore.
The order involves moving pond ash and fly ash in Madhya Pradesh.
The work is expected to last 18 months.
The agreement could be extended if both sides agree.
The company said the order is domestic and is not a related-party transaction.
Refex Industries will also meet analysts and institutional investors in Mumbai on 22 September.
Its shares have done well over three years and five years, but they have fallen over the past year.
The company’s shares rose during the day but gave back some of their gains.
Refex Industries shares opened 4.21% higher at ₹281.95 and reached an intraday high of ₹294.55.
The stock later pared gains but was trading 3.99% higher during Monday’s session.
The company received a ₹160 crore contract from a Madhya Pradesh public sector undertaking to lift pond ash and fly ash.
The contract covers 10 metric tonnes under the Road-cum-Rail mode and will run for 18 months, with a possible mutual extension.
Refex Industries will meet analysts and institutional investors in Mumbai on 22 September, while its stock has gained 8.11% year to date but declined 18.68% over the past year.
- Who
- Refex Industries and a public sector undertaking in Madhya Pradesh.
- What
- Refex Industries won an approximately ₹160 crore contract to lift pond ash and fly ash.
- Where
- The contract is in Madhya Pradesh, and the analyst and investor meeting will take place in Mumbai.
- When
- The share-price move occurred on Monday; the contract will run for 18 months, and the investor meeting is scheduled for 22 September.
- Why
- The shares rose after the company disclosed the new order and ahead of a scheduled meeting with analysts and institutional investors.
Key facts
- Order value
- Approximately ₹160 crore
- Contract scope
- Lifting 10 metric tonnes of pond ash and fly ash
- Transport mode
- Road-cum-Rail
- Contract period
- 18 months, with a possible extension by mutual consent
- Monday opening price
- ₹281.95, compared with the previous close of ₹271.85
- Intraday high
- ₹294.55
- Investor meeting
- Scheduled for 22 September in Mumbai at the Anand Rathi Annual Flagship Conference G-200 Summit
- Ownership disclosure
- Refex Industries said its promoters and group companies have no interest in the awarding entity, and the contract is not a related-party transaction
Sources
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