Tecpro Systems gains on large order win

Tecpro Systems rose 1.51% at Rs 244.60 at 15:03 IST on BSE after the company said it has received an order worth Rs 521.40 crore from Bharat Heavy Electricals.

The company made the announcement during trading hours today, 15 September 2011.

Meanwhile, the BSE Sensex was up 83.93 points, or 0.50%, to 16,793.53.



On BSE, 74,777 shares were traded in the counter as against an average daily volume of 13,864 shares in the past one quarter.

The stock hit a high of Rs 253 and a low of Rs 241.50 so far during the day. The stock had hit a record low of Rs 214.50 on 24 June 2011 and a record high of Rs 454.25 on 12 October 2010.

The stock had underperformed the market over the past one month until 14 September 2011, falling 12.64% compared with the Sensex's 0.77% fall. The scrip had also underperformed the market in past one quarter, sliding 7.26% as against 8.73% decline in the Sensex.

The mid-cap engineering, procurement and construction (EPC) company has an equity capital of Rs 50.47 crore. Face value per share is Rs 10.

Tecpro Systems said the latest order from Bharat Heavy Electricals (Bhel) is for ore and coal handling plant project of raw material handling systems (RMHS) of NMDC's steel plant at Nagamar, Chattisgarh. Tecpro Systems will undertake design, engineering, manufacturing, supply, fabrication, erection, testing and commissioning of the project.

Commenting on the development, Amul Gabrani, Vice-Chairman & Managing Director, Tecpro Systems said, "We are extremely delighted to announce this record material handling order from Bhel, reinforcing our position as one of the key players in the material handling space. This is the largest material handling order booked by Tecpro Systems. Despite the challenging macroeconomic environment we continue our pursuit to bag more orders, across all our segments, to further strengthen our order book position, which will help us maintain our growth momentum going forward."

Earlier this month, NMDC had informed that Bhel will supply a RMHS package at its upcoming three million tonnes per annum integrated steel plant at Chhattisgarh. The RMHS would be able to handle 10 million tonnes per annum (mtpa) of raw material, catering to the different units of NMDC's steel plant.

Tecpro Systems' net profit surged 276.22% to Rs 5.38 crore on 40.2% rise in net sales to Rs 348.46 crore in Q1 June 2011 over Q1 June 2010.

Tecpro Systems is an engineering, procurement and construction (EPC) company. It provided comprehensive range of services in coal handling and ash handling, balance of plant (BoP) packages for power sector and material handling to steel, cement, ports, mining and other industries in the infrastructure sector.