Dec 05, 2012 03:18 PM IST | Source: Moneycontrol.com

Shriram EPC shoots up 20% on order from Iraq

Turnkey solutions provider Shriram EPC climbed as much as 20 percent intraday after the company in a joint venture with the Mokul Group of companies received an order worth Iraqi Dinars 275 billion (approximately 230 million) for the supply and laying of basic sanitary systems in Basra, Iraq.

Shriram EPC shoots up 20% on order from Iraq

Turnkey solutions provider Shriram EPC climbed as much as 20 percent intraday after the company in a joint venture with the Mokul Group of companies received an order worth Iraqi Dinars 275 billion (approximately 230 million) for the supply and laying of basic sanitary systems in Basra, Iraq.

The company will oversee the laying of approximately 240 kms of sewer pipe line, 160 kms of storm pipe line and 8 kms of trunk sewer pipe line along with road works in the area. The project is scheduled for completion in 3 years.

T Shivaraman, Managing Director and CEO of Shriram EPC said, "This order adds to our healthy order backlog of Rs 2,923 crore as at the end of September 2012."

At 14:55 hours IST, the stock rose 13.25 percent to Rs 78.20 amid large volumes on the Bombay Stock Exchange.

Trading volumes surged significantly to 54,396 equity shares as compared to its five day average of 1,995 shares. Market capitalisation of the company currently stands at Rs 346.81 crore.

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