Shares of Isgec Heavy Engineering, on Wednesday, were up 5 per cent at Rs 487.50 in intra-day trade on the BSE after the company said it has bagged orders for two gas fired boilers from public sector refinery. The stock of the industrial machinery manufacture was trading close to its 52-week high of Rs 488, touched on February 8.
The two gas fired boilers will supply steam to the whole petrochemical unit in this green field project. This order continues Isgec’s track record of being a leading supplier for the refinery & petrochemical industry and is one more step in its resolve towards strengthening the ‘Make in India’ initiative of the Government of India, the company said in a exchange filing.
Isgec manufactures process equipment, presses, iron & steel castings, and boiler pressure parts. Isgec’s EPC portfolio includes turnkey projects for setting up air pollution control equipment, boilers, power plants, sugar plants, distilleries, factories, industrial water treatment facilities, and bulk material handling facilities.
Earlier this month, the company said it has recently received two orders – one for a Cement Waste Heat Recovery Boiler (CWHRB), and another for conducting Remnant Life Assessment (RLA) study. The company did not disclose the size of the orders.
The order for CWHRB is from a leading cement manufacturer for their plant site in Meghalaya. The company said it is committed towards the utilization of waste energy and supporting the cement Industry to generate clean or green power.
The second order is for conducting the RLA study has been received from a steel major in Jharkhand for their 3 Boilers. Indian Boiler Regulations 1950 have set certain guidelines under rule 391A, which not only help users to ensure the health of their Boilers, but also ensure safe operation of the Plant. Isgec is certified by the Central Boiler Board to conduct RLA studies under these norms, the company said in exchange filing.
In the past one month, the stock has outperformed the market by surging nearly 35 per cent, against 2.4 per cent rise in the S&P BSE Sensex.
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