Shares of infra-to-energy player Hazoor Multi Projects Limited (HMPL) are in action today as the company has informed exchanges that its subsidiary Square Port Shipyard Pvt. Ltd has secured an order from a shipping company located in the United Kingdom.
The stock opened gap up at Rs 43.55, a gain of 4.04 per cent from the previous close of Rs 41.86 on the BSE. The scrip jumped further to touch the high of Rs 44.99 - a gain of 7.48 per cent.
On technical parameters, the scrip is trading at higher than 20-day moving averages but lower than 5-day, 50-day, 100-day and 200-day moving averages.
The 52-week high and low range of the counter is Rs 63.90 and Rs 30.24, respectively. The market cap of the stock is Rs 904.71 crore.
Share Price History
The stock has given a multibagger return of 374 per cent in two years and a massive 1820 per cent in three years. However, it has corrected 18.40 per cent so far this year.
Secures Order From UK-based company
The Square Port Shipyard at Dabhol, which is a subsidiary of HMPL, was earlier owned by Bharati Defence Infrastructure Limited which went into insolvency in 2017-18.
"Square Port Shipyard Pvt. Ltd., a subsidiary of Hazoor Multi Projects Limited, has secured an order from a shipping company located in the United Kingdom. The all-important steel cutting ceremony, which marks the initiation of the ship building activity was carried out on the auspicious occasion of Gudi Padwa at their shipyard located at Dabhol - Usgaon," the company said in an exchange filing.
Earlier, the company incorporated a new arm to undertake power and renewable energy projects.
The development comes after the company informed about its plans to set up a 500 MW solar project in Andhra Pradesh at an investment of Rs 2,500 crore, last month, and a 1.2 GW capacity solar park in Solapur, Maharashtra in January.
Mumbai-based HMPL provides engineering, procurement and construction services in renewable energy and building road projects segments.