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GOCL shares surge 9% on order win worth Rs 187 crore

GOCL shares surge 9% on order win worth Rs 187 crore

GOCL shares surge 9% on order win worth Rs 187 crore
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By CNBCTV18.com Oct 9, 2020 12:31:34 PM IST (Published)

The share price of GOCL (Gulf Oil Corporation Ltd) surged up to 9 percent on Friday after its wholly-owned subsidiary IDL Explosives won an order to supply explosives and accessories worth Rs 186.8 crore from Singareni Colleries.

The share price of GOCL (Gulf Oil Corporation Ltd) surged up to 9 percent on Friday after its wholly-owned subsidiary IDL Explosives won an order to supply explosives and accessories worth Rs 186.8 crore from Singareni Colleries.

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The stock surged as much as 9 percent to Rs 196 apiece on the NSE. At 11:06 am, the share price was trading 5.29 percent higher at Rs 189.15.


The order win is for a period of over two years, said the company's exchange filing. The cost of the project also included an escalation clause, added the filing.
Since March lows, the stock has surged 81 percent to current price levels.
Singareni Colleries is a public sector entity of the state of Telangana. The order consists of a supply of SMS/SME explosives, LDC explosives and accessories.
GOCL is engaged in the provision of explosive accessories (detonators) (for mining and industrial use). The company's segments include energetics, mining and infrastructure contracts, realty, lubricating oils and others.
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