Shares of RBM Infracon Ltd. surged by 5% to hit the upper circuit limit of Rs 800.50 on September 9, following the company’s announcement on Friday that it had won a service order from the Oil and Natural Gas Corporation (ONGC).

According to an exchange filing, the order is worth Rs 3,498 crore and will include Rs 3,371 crore for crude and Rs 127 crore for gas at Nandej.

The order issued on September 6, 2024, stays in effect for 15 years from the date it starts. ONGC announced on August 30th that it aims to grow its green energy holdings through its branch ONGC Green Ltd. to 10 gigawatts by FY30.

The company’s core competencies include construction, maintenance, and turnaround activities for the oil and gas, petrochemical, power generation, and other industries.

For the quarter ended June 2024, the company’s net sales were Rs 38.85 crore, up by 105.42% year over year. The company’s net profit surged by 309.95% year over year to Rs 3.29 crore, and EBITDA increased by 154.26% to Rs 4.78 crore.

The stock has surged about 80% year-to-date, outperforming Nifty’s 16% return. Over the last year, the stock has skyrocketed 621.5%. The company’s market capitalisation rose significantly to Rs 808 crore.

At 12:24 PM, the shares of RBM Infracon were locked at the 5% upper circuit limit of Rs 800.50 on NSE.

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