Inox India shares gain over 5% on Rs 190 crore orders from Europe, Australia

Inox India's share price has fallen nearly 7 percent since the start of the year.

Shares of Inox India Ltd rose over nearly 6 percent to Rs 1,039, extending gains for a third session in a row on March 6 after the company announced it had secured orders worth Rs 190 crore in January and February.

The cryogenic technology firm said the orders include a large contract from a European university for transfer lines and a smaller order from an Australian customer for IMO containers used in storing oxygen, nitrogen, and carbon dioxide.

Follow our LIVE blog for all the latest market updates

The company also received orders for LNG and industrial gas storage tanks, vaporizers, and other cryogenic equipment, with deliveries scheduled across Europe, the US, and India. The company said its order book for FY25 now stands at Rs 1,359 crore, supported by international demand for clean energy and industrial gas infrastructure.

Read more: Sensex soars 750 pts from day's low, Nifty tops 22,500; China stimulus hopes among key factors behind rally

Last week, Inox India became India’s first cryogenic equipment manufacturer to receive the prestigious IATF 16949 certification for cryogenic fuel tank manufacturing. The certification, issued by Bureau Veritas Certification covers the design and manufacturing of insulated cryogenic fuel tanks. The IATF 16949 certification, a mandatory requirement for automotive OEM suppliers, validates a company's quality management standards in the automotive industry.

Also read: Crude sensitive stocks surge as oil prices slip to 6-month low

The certification was awarded following a comprehensive audit of INOX India's facility located in Kalol, in Panchmahal, Gujarat. The certification’s scope encompasses the complete spectrum of design and manufacturing processes with no exclusions, underlining the Company's comprehensive capabilities in this specialized field.

At about 2:30 pm, shares of the company were trading at Rs 1,029, higher by 4.8 percent from the last close on the NSE. Inox India's share price has fallen nearly 7 percent since the start of the year.