ISGEC Heavy Engineering Ltd Share Price – NSE /  BSE

Infrastructure Developers & Operators, Small Cap

The frontline indices continued to trade with small gains in the mid-morning trade. The Nifty hovered above the 24,600 level. Metal shares extended gains for the fourth consecutive trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, advanced 99.19 points or 0.11% to 81,607.65. The Nifty 50 index added 23.10 points or 0.09% to 24,642.10.

In the broader market, the S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 2,048 shares rose and 1,726 shares fell. A total of 159 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.80% to 9,530.55. The index rallied 3.26% in four consecutive trading sessions.

Jindal Steel & Power (up 4.13%), NMDC (up 2.68%), Steel Authority of India (up 1.52%), Tata Steel (up 1.48%), Vedanta (up 0.98%), National Aluminium Company (up 0.75%), APL Apollo Tubes (up 0.74%), JSW Steel (up 0.59%), Hindalco Industries (up 0.2%) and Hindustan Copper (up 0.17%) advanced.

On the other hand, Welspun Corp (down 1.68%), Adani Enterprises (down 0.43%) and Jindal Stainless (down 0.24%) edged lower.

Stocks in Spotlight:

ISGEC Heavy Engineering rallied 5.38% after Isgec Investments Pte, Singapore, entered into a sale and purchase agreement (SPA) with Triumph Excel to sell its entire stake in its arm, Bioeq Energy Holdings One, Cayman Islands.

NHPC shed 0.88%. The company informed that its board is scheduled to meet on Thursday, 12 December 2024, to consider the proposal of fund raising through the issue of non-cumulative bonds up to Rs 2,600 crore in one or more tranches through private placement.

IRB Infrastructure Developers rose 0.25%. The company’s toll collection jumped 23% to Rs 536 crore in November 2024 as against Rs 437 crore posted in November 2023.

Global Markets:

Asian stocks advanced on Tuesday, led by a surge in Chinese equities. This uptick was triggered by the Chinese government's announcement of significant policy changes for 2025.

China's Politburo, the country's top decision-making body, signaled a shift towards a more accommodative monetary policy. This departure from the previous prudent stance is expected to stimulate the economy and support stock and property markets. The Politburo also pledged to boost domestic consumption and demand, indicating a potential increase in targeted stimulus measures.

Investors are now awaiting the Central Economic Work Conference, scheduled to begin on Wednesday, for further details on China's economic plans. Analysts anticipate the conference to outline specific policy priorities and the annual growth target.

Beyond China, market participants are closely monitoring the Reserve Bank of Australia's monetary policy decision, due later today.

Meanwhile, China's November exports rose 6.7% YoY, down from 12.7% in October, signaling global demand concerns for Chinese goods and imports dropped 3.9% YoY in November, a sharper fall from October’s 2.3% decline, underscoring economic pressures.

US stocks closed lower on Monday, with the Dow Jones Industrial Average hitting a 1.5-week low. Profit-taking and long liquidation pressured the market ahead of the release of crucial US inflation data on Wednesday. Rising Treasury yields and heightened geopolitical tensions in the Middle East, following the fall of the Assad regime in Syria, also weighed on investor sentiment.

The Dow Jones Industrial Average fell 0.54%, while the S&P 500 index fell 0.61%, and the NASDAQ Composite index fell 0.60%.

Nvidia shares declined 2.6% during regular trading hours and further dipped 0.6% in after-hours trading, amid reports of an antitrust investigation by Chinese authorities.

Oracle Corporation's stock plummeted nearly 8% in after-hours trading after the company reported weaker-than-expected quarterly earnings, highlighting increased competition in the cloud computing sector from major players like Microsoft and Amazon.

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ISGEC Investments Pte, Singapore is a non-material wholly owned subsidiary of the company and Bioeq Energy Holdings One, Caymans Islands is a wholly owned subsidiary of Isgec Investement Pte. Singapore.

The company will sell Bioeq Energy Holdings One, Cayman Islands with its subsidiaries, step-down subsidiary companies and associate company for total consideration of $10 million (Rs 84.5 crore).

The said transaction will be completed on or before 10 March 2025.

In addition the sale of shares by Isgec Investments Pte.Singapore has entered into an agreement to assign its trade receivables from one of the step down subsidiaries at book value to Triumph Excel subject to receipt of payment of $39.05 million (Rs 330 crore). Further, Isgec Investments Pte., Singapore has also entered into an agreement to assign its loan and interest receivables from the subsidiaries at book value to triumph Excel subject to receipt of payment of $29.66 million (approximately Rs 250 crore).

Furthermore, the company’s corporate guarantees ($11 million (i.e., approximately Rs 93 crore) and stand by Letter of Credit ($23 million (i.e., approximately Rs 195 crore) given as security for the various banking facilities availed by the step-down subsidiaries will be released in due course.

ISGEC Heavy Engineering is a diversified heavy engineering company. It manufactures process equipment, presses, iron & steel castings, and boiler pressure parts.

The company’s consolidated net profit jumped 54.8% to Rs 92.57 crore on 11.6% increase in net sales to Rs 1,643.90 crore in Q2 FY25 over Q2 FY24.

The scrip hit an all-time high at Rs 1,677.25 in intraday today.

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Net profit of ISGEC Heavy Engineering rose 54.83% to Rs 92.57 crore in the quarter ended September 2024 as against Rs 59.79 crore during the previous quarter ended September 2023. Sales rose 11.59% to Rs 1643.90 crore in the quarter ended September 2024 as against Rs 1473.10 crore during the previous quarter ended September 2023.

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ISGEC Heavy Engineering will hold a meeting of the Board of Directors of the Company on 13 November 2024

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