Shares of Hind Rectifiers Ltd. hit a 5% upper circuit at Rs 858.95 on 23rd September, following the company’s announcement of securing a supply order worth over Rs 200 crore from Indian Railways.

The company stated that the order will be executed by FY26, as per the terms and conditions set by Indian Railways, according to its stock exchange filing.

They clarified that neither the promoter group nor group companies are involved in the awarding of the contract, and the transaction does not count as a related party transaction.

The company’s income grew by 38% in the June quarter, reaching Rs 136.03 crore, compared to Rs 97.64 crore in the same quarter last year.

The company’s profit surged by 266% year-over-year to Rs 6.92 crore, up from Rs 1.89 crore in the previous year. In August, the company announced a dividend of Rs 1.20 per equity share with a face value of Rs 2 for the financial year 2023-24.

So far in 2024, the stock has surged by almost 63%. The company’s market capitalisation rose significantly to Rs 1,472 crore.

At 12:00 PM, the shares of Hind Rectifiers were locked at the upper circuit at Rs 858.95 on NSE.

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