Vijay Kedia-owned stock hits 10% upper circuit on Rs 70-crore order win

Vijay Kedia-owned stock hits 10% upper circuit on Rs 70-crore order win


Shares of Innovators Facade Systems were locked in 10 per cent upper circuit band, at Rs 66.8 per share, on the BSE on Wednesday after the company announced order win worth over Rs 70 crore. In comparison, the benchmark S&P BSE Sensex was up 0.27 per cent at 1:30 PM.

“This is to inform you that the Company has been awarded the Work Order of approximately Rs 70 (plus) crores for Design, Supply, Fabrication and Installation of Facade Work in Mumbai region from Lodha Group,” the company said in an exchange filing.

Ace investor Vijay Kedia held 2.01 million shares, representing 10.66 per cent stake, in the company at the end of December quarter (Q3FY22).

Innovators is a leading Facade and Fenestration one-stop solution provider, offering a wide spectrum of products and services. Established in 1999, Innovators Fa├žade operates in sectors as diverse as facade, fenestration, and pharmaceutical cleanroom solutions.

Over the past one month, shares of the company have declined over 27 per cent on the BSE as against a 5 per cent slide in the benchmark Sensex index.

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