Texmo Pipes zooms 67% in 4 days on order win worth Rs 813 million from L&T

HDPE pipes image via Shutterstock.
Shares of Texmo Pipes & Products have surged 20% to Rs 39 per share, extending their past three days rally on the National Stock Exchange (NSE) after the company received order worth of Rs 813 million from Larsen & Toubro (L&T).

The stock of plastic products company trading at its 52-week high has zoomed 67% in past four trading days from Rs 23.35 on Monday. In comparison, the Nifty 50 index was down marginally 0.09% during the same period.

“The Company has received an order of HDPE Pipe worth Rs 813 million from Larsen & Toubro Limited, Chennai. The execution period of the aforesaid order is 9 months,” Texmo Pipes & Products said in a regulatory filing on Tuesday, September 4, 2018.

At 12:21 pm; the stock was trading 19.7% higher at Rs 38.90 on back of an over four-fold jump in trading volumes. A combined 7.45 million equity shares changed hands on the counter on the NSE and BSE so far.