Shares of ISGEC Heavy Engineering Ltd gained as much as 6.84% on Monday after it won a 126.50-crore order for a semi-dry circulating fluidised bed scrubbers (FGD) system from Hindalco Industries.

At 10:15 am, ISGEC Heavy Engineering was trading at 276.20 apiece on the BSE, up 4.64% from its previous close, while the benchmark Sensex advanced 0.65% to 39107.58.

The FGD system will be used at one of the Hindalco's 150 MW units at Mahan Aluminium at Singrauli in Madhya Pradesh. The project was won through competitive bidding against other technology providers. The announcement was made after market hours on Friday.

Weekend Effect Definition

The broad scope of the project includes design, engineering, manufacturing, supply, civil works, construction, commissioning and performance guarantee testing for the complete semi-dry flue gas desulphurisation system package. The schedule for completion of the project is 22 months, ISGEC said.

ISGEC reported a net profit of 41.70 crore during the quarter ended 30 June against 28.28 crores in the year ago period. Total income fell 10.7% to 1074.85 crore during Q1FY21 as compared to 1203.94 crore in same quarter of the preceding fiscal.

From the beginning of the year, ISGEC lost 20% against a loss of 5% in the benchmark Sensex. From March lows, the stock gained 35% while Sensex was up 51%.