Sanghvi Movers wins Rs 150 cr order in renewables Energy Sector

Sanghvi Movers Ltd, a crane rental firm, has received work orders worth Rs 150 crore from prominent Independent Power Producers (IPPs) in the renewable energy industry. The firm will provide crane rental services as well as related services such as WTG surface logistics, inter-carting, WTG installation and pre-commissioning, wind farm development, and storage yard. Crane services account for almost half of the overall contract value, with the remainder going to the aforementioned wind EPC services. 

These contracts are for 18 months, beginning in April 2023 and ending in October 2024. Around 44% of the entire contract value will be finished in the current fiscal year, FY 2023-24, with the balance completed in FY 2024-25. The overall order value equates to 539 MW of additional capacity added by its prestigious clients. 

Sanghvi Movers is engaged in the business of providing hydraulic and crawler cranes to various industries in the infrastructure sector. The company’s fleet is primarily catered for the construction of various industrial plants like Power, Steel, Cement, Fertilizers, Petrochemicals & Refineries, Metros (underground as well as elevated) and the Windmill sector. The company also has many High Bed Trailers and lots of multi-axle lines which are being used for the movement of its crane and crane parts from one location to another. 

Sanghvi Movers is presently trading at Rs 567.30, up 20.75 points or 3.80% from its previous closing price on the BSE of Rs 546.55. The stock began trading at Rs 561.15 and has since reached highs and lows of Rs 582.65 and Rs 561.15, respectively. So far, 72,167 shares have been exchanged on the exchange. 

The BSE group ‘B’ stock with a face value of Rs 2 has a 52-week high of Rs 582.65 and a low of Rs 205.10. The scrip’s one-week high and low were Rs 582.65 and Rs 492.30, respectively. The company’s current market capitalization is Rs 2,476.07 crore. 

The promoters controlled 47.25% of the firm, while Institutions and Non-Institutions held 3.15% and 49.60%, respectively.

Disclaimer: This blog is exclusively for educational purposes. The securities quoted are exemplary and are not recommendatory.