Micro Cap Stock Rockets 11% After Bagging ₹2.8 Cr International Orders

  • Benzinga India
  • Stock Market News
Micro Cap Stock Rockets 11% After Bagging ₹2.8 Cr International Orders
Credit: © Reuters.

Benzinga - Meera Industries shares that were trailing in the red on Monday received a boost after the announcement was made.

What Happened: The company on Monday informed the exchange that it had received two orders for its MEERABAH Machine and Heavy Duty Twister Machine. One of the orders is from Mada Carpet, a prominent manufacturer in Saudi Arabia for MEERABAH, a Bulking & Heat Setting M/C for carpet yarn. The order is worth around $161,000 (₹1.32 crore).

The second order is from Slutsk Belts, a renowned manufacturer in Belarus. The order is for the Heavy Duty Twister. The order is valued at around $175,250 (₹1.43 crore).

Shares of the micro-cap stock surged up sharply as soon as the announcement was made at around 11:45 am. Shares of the company surged up over 11% to hit an intraday high of ₹56.90.

Price Action: Meera Industries’ share price was up 8.60% to trade at ₹55.59 on Monday afternoon.

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