Asian Energy gains 3% after securing ₹200 crore order from Assam Gas Company

Shares of Asian Energy Services gained 3.24 per cent to ₹395.60 on the BSE today after the company announced that it has bagged an contract worth approximately ₹200 crore from Assam Gas Company Limited.

According to its exchange filing, the company entails design, construction, ownership, operation and eventual transfer of a compressor station on a build, own, operate and transfer (BOOT) basis for a three year.

Further more, the company expects to mobilize the first compressor in the fourth quarter of the current fiscal year, with the remaining units to be deployed in the following fiscal year. 

The initial revenue realization of approximately ₹82 crore is anticipated in the first year on a Free on Truck (FOT) site basis, inclusive of freight, unloading, and stacking but exclusive of GST. 

“We are delighted to announce that we have been awarded a significant contract by Assam Gas Company Limited to supply and operate a compressor station on BOOT basis for a period of three years,” said Mr Kapil Garg, Managing Director.

The stock hit a 52 week high of ₹444.35 on August 28 and it hit of low of ₹229.70 on March 18.