Sanghvi Forging Bags Order Worth Rs 11 Crore, Scrip Jumps 12%

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Vadodara-based Sanghvi Forging & Engineering Ltd (SFEL), said that it has received an order worth Rs 11 crore from Oil & Gas, and Power sectors.

The majority of the orders received by the company are for its new heavy die forging plant, the company said in a filing to the Bombay Stock Exchange.

Sanghvi Forging Bags Order Worth Rs 11 Crore, Scrip Jumps 12%
Sanghvi Forging & Engineering: Quotes, News
BSE 47.15BSE Quote1.85 (3.92%)
NSE 48.25NSE Quote1.1 (2.28%)

Commenting on the orders, Jayanti Sanghvi, Managing Director, Sanghvi Forging & Engineering Ltd said, "The new spate of orders from the Oil & Gas and Power Sectors show that our quality is being increasingly accepted by them. Also the fact that these sectors use a high component of forging is good for our company."

The company's newly started heavy open die forging unit with the capacity of 15000 MTPA has increased the company's forging capacity five fold, it said.

The company further claimed that it is receiving good amount of orders from Oil & Gas, power, defence and irrigation sectors for its new plant.

The new plant is equipped with product, quality approvals from all major industrial sectors, ie, petrochemicals, power, oil & gas, defence, aerospace sectors, etc.

Meanwhile, shares of the company were trading at Rs 65.40 a piece, up 7.04 per cent from the previous close at 10:57 hours on BSE.

Read more about: sanghvi forging engineering
Story first published: Wednesday, January 6, 2016, 12:20 [IST]
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