Shares of Urban Enviro Waste Management Ltd hit a 5% upper circuit after the company received an order worth Rs 78.12 crore from the Government of India.

In its regulatory filing, the company said that they had received a work order for Door-to-door collection and transportation of segregated solid waste of Chandrapur City from Chandrapur City Municipal Corporation for a total consideration of Rs 78.12 crore for a period of 5 years.

As of the latest shareholding patterns, the promoters of the company hold a 51.19% stake in the company, while the remaining 48.1% stake is held by the retail investors.

Earlier, the company received a work order from Ankleshwar Municipality, Gujarat, to conduct IEC activity in the city’s municipality area under the Swachh Bharat Mission.

In its quarterly report for October-December, the company reported a 35% year-on-year increase in net profit to Rs 2.16 crore from Rs 1.61 crore reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 39.16 crore, marking a 99% YoY increase from Rs 19.69 crore reported in the same quarter of the previous fiscal year.

The company was established in 2011 and has its headquarters located in Mumbai; they provide Waste Management Solutions and Municipal Solid Waste (MSW) Management services.

At 3:30 pm, the shares of Urban Enviro Waste closed 4.81% higher at Rs 439.90 on NSE.