SEPC Share Price Extends Gains To Hit One-Month High After Saudi Arabia Deal

SEPC Ltd.'s share price extended its gains for the second day, rising over 14% on Thursday, hitting over one-month high. This comes after the company secured a mega deal in Saudi Arabia on Wednesday. The stock was trading at a high volume.

The civil construction firm announced a framework agreement with Riyadh-based ROSHN Group to carry out infrastructure works in the Middle East country.

SEPC has bid for infrastructure works in three zones of Jeddah North, Phase 1A for about SAR 893 million or nearly Rs 2,200 crore. Based on the signing of the framework agreement, orders can be expected for a minimum of one zone, out of the three, it said.

As per latest available data, SEPC has an order book of Rs 8,456 crore.

The company, formerly known as Shriram EPC Ltd., reported a topline of Rs 133 crore in the December quarter and a net profit of Rs 4.4 crore.

SEPC is focused on providing turnkey solutions in the process and metallurgy, water infrastructure, power and mining and mineral processing. Its major customers include Indian local government bodies, Tata Steel, SAIL and Jindal Steel and Power.

SEPC share price advanced 14.02% intraday to Rs 17.49 apiece, highest level since Feb. 6. It pared gains to trade 11.34% higher at Rs 17.08 apiece, as of 10:32 a.m. This compares to a 0.32% advance in the NSE Nifty 50 Index.

The shares of the company rose 20% on Wednesday after it secured the deal.

The stock has risen 5.18% in the last 12 months and fallen 23.49% year-to-date. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 61.