Technofab Engineering spurts 20% on Rs 281 crore order win

NEW DELHI: Shares of Technofab Engineering hit 20 per cent upper circuit limit on Wednesday after the company said it has received an order in the domestic water sector valued at Rs 281 crore. The company made this announcement post market hours of Tuesday.

Following the announcement, the stock surged 20 per cent to hit a high of Rs 289.20.

The project is funded by Asian Development Bank. With this, the order backlog stands at approximately Rs 2,000 crore of which the water sector now contributes close to 45 per cent, the company told BSE.

The company in a filing to BSE said: "The order gives a further impetus to the company's standing in the water sector, coming as it does, soon after securing orders in Bhutan and Uganda and recently completing projects in Tanzania and Zimbabwe."