Stone India announced during market hours today, that the company had received an initial development order from the Indian Railways for supply of five sets of 180 kilo volt-ampere (KVA) static converter for locomotive application. This is a high-value, solid-state product to be supplied under collaboration with SMA Technologies AG, Germany.
On 23 April 2007, Stone India entered into an exclusive understanding with ZRJC, China, to supply air-conditioning systems for trains. This product will be manufactured at its upcoming plant in Nalagarh, Himachal Pradesh, which enjoys tax benefits.
On 14 April 2007, Stone India had received an order for refurbishment and upgradation of 1,115 wagons from the Union Ministry of Defence. The order, valued at about Rs 14 crore, to be executed over the next eight months.
The scrip had hit a high of Rs 199.85 and a low of Rs 180 so far during the day. Its 52-week high was Rs 278.80 on 29 August 2006 and 52-week low Rs 104.30 on 30 April 2007.
The Stone India stock had risen 18.31% over the last one month to 6 July 2007 compared to the Sensex’s return of 5.48%. The scrip had outperformed the market over the past quarter, gaining 22.88% compared to the Sensex’s rise of 16.40%.