Mercury rises for Ahluwalia Contracts' scrip owing to big order acquisition

In a stock exchange filing Ahluwalia Contracts India informed of securing a new order aggregating to Rs 244.13 crores for the construction of a Hospital building, including Electricals, Plumbing & Firefighting services for Chittaranjan National Cancer Institute at Kolkata.

Further the company also informed that CARE Ratings has revised Ahluwalia Contracts Long Term and short term facilities to ‘CARE A/ CARE A1’.

In recent months company has bagged several orders in construction and residential building space, taking their total order inflow to Rs 1209.59 crores in FY16-17.

Ahluwalia Contracts has reported a steady set of Q1FY17 numbers owing to better order execution, which has rightly reflected in the numbers with revenue and profits rising by 16 and 15 per cent respectively on a Y-O-Y basis.

Reacting to the news, the company's stock surged more than 12 per cent in early trades to hit an intra-day high of Rs 337.80 before cooling down a bit in the after- noon trade. In the past months Ahluwalia Contracts' scrip has seen smart moves by giving returns in excess of 20 per cent, supplemented by order win news.

The promoters holding in the company stands at 62.43 per cent; while Institutions and Non-Institutions hold 28.37 per cent and 9.2 per cent respectively.