CapitalMarket.com - Tecpro Systems surges as unit receives overseas order
Hot Pursuit Friday, June 08, 2012 12:01 Hrs IST

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Tecpro Systems surges as unit receives overseas order

Tecpro Systems rose 3.61% to Rs 159.50 at 12:00 IST on BSE after the company said its wholly-owned subsidiary has received a letter of intent for order worth $32.7 million from Hyundai Rotem Company of Korea.

The company made this announcement during trading hours today, 8 June 2012.

Meanwhile, the BSE Sensex was down 103.90 points or 0.62% to 16,545.15.

On BSE, 18,180 shares were traded in the counter as against average daily volume of 28,972 shares in the past one quarter.

The stock hit a high of Rs 161.30 and a low of Rs 151.05 so far during the day. The stock had hit a 52-week high of Rs 308 on 20 July 2011. The stock had hit a record low of Rs 141 on 3 January 2012.

The stock had underperformed the market over the past one month till 7 June 2012, tumbling 15.44% compared with the Sensex's 1.56% fall. The scrip had also underperformed the market in past one quarter, declining 4.97% as against Sensex's 2.9% decline.

The small-cap engineering, procurement and construction (EPC) company has equity capital of Rs 50.47 crore. Face value per share is Rs 10.

Tecpro Systems said its wholly-owned subsidiary Tecpro Systems (Singapore) Pte has received a letter of intent (LoI) for order worth $32.7 million from Hyundai Rotem Company of Korea for the supply of coal, limestone and ash handling system for the 2x500 megawatts (MW) Mong Doung 1 thermal power plant project. The power plant is owned by Electricity Vietnam and Hyundai Engineering & Construction is the EPC contractor of the project, Tecpro Systems said in a statement.

Commenting on the order, Mr Amul Gabrani, Vice-Chairman & Managing Director, Tecpro Systems said, "I am delighted to announce the receipt of our first major international order, won through our subsidiary in Singapore. This is a big breakthrough for us after demonstrating our expertise in the domestic market. We hope to bag more orders and expand our footprint in the global arena through our international subsidiary going forward".

Tecpro Systems' net profit fell 12.3% to Rs 96.29 crore on 14.4% growth in net sales to Rs 1099.24 crore in Q4 March 2012 over Q4 March 2011.

Tecpro Systems is an EPC company. The company designs, engineers, manufactures, sells, commissions and services a range of systems and equipment to provide turnkey projects for the core infrastructure related sectors like power, steel, cement and other industries.

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