Shriram EPC hits upper circuit after bagging order worth Rs 349 crore

Shriram EPC climbed nearly 20% on Friday, after the company bagged multiple orders worth Rs 349 crore. 

In early tradings, the company hit an upper circuit of Rs 23.45 per piece. However, at 1402 hours, the share price was trading at Rs 21 per piece above Rs 2 or 7.42%. 

T. Shivaraman, MD & CEO of Shriram EPC said, "We have witnessed a steady flow of order wins across our business verticals in recent times on the back of concerted efforts towars reviving our core EPC business."

He added,"These orders will further help us maintain the business momentum and aid us further in accelerating the revival process."

First order was given by Bihar Urban Infrastructure Development amounting to Rs 311 crore - which will provide scope to Shriram in setting up of distribution network through piping as well as instrumentation and other electrical works including software installation. 

This is Asian development bank funded project and is expected to executed over period of 42 months with operations and maintenance period of 3 year.

Second one was sanctioned by the Karnataka Urban Infrastructure Development & Finance Corp valuing up to Rs 38 crore - which entails construction of pipeline, overhead tank and distribution network 24*7 Water Supply system. 

The second order is expected to executed over a period of 24 months while the O&M component extends up to 8 years post completion.