Micro Cap Stock Hits Upper Circuit After Bagging ₹29 Cr Order From Reliance

  • Benzinga India
  • Stock Market News
Micro Cap Stock Hits Upper Circuit After Bagging ₹29 Cr Order From Reliance
Credit: © Reuters.

Benzinga - Shares of Gujarat Toolroom shot up sharply on Tuesday after the company announced bagging the order from Reliance.

What Happened: On Tuesday, the company in a regulatory filing, said that it had bagged a ₹29 crore order from Reliance Industries (NS: RELI ). As per the company, the order is for construction supplies.

The company also added that it “anticipates more such orders from Reliance Industries Limited in the upcoming weeks, further solidifying the partnership between the two entities.” Apart from this, the company said that it expects other orders from different clients in the coming months.

With a market cap of around ₹300 crore, the micro-cap company was established in 1991, and operates in the field of mine and mineral development, alongside other related activities. Shares of the company shot up sharply after the announcement was made at 11:53 am. The announcement also helped the stock jump back in the green after it slumped around 5% on Monday.

Price Action: Shares of Gujarat Toolroom were stuck in the 5% upper circuit at ₹55.95 on Tuesday afternoon.

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