Tega Industries shares surged 10% and hit a fresh 52-week high of Rs 2,139 on Monday after its subsidiary won a Rs 126 crore contract.

Tega McNally Minerals, a wholly owned subsidiary of Tega Industries, has signed a contract worth Rs 126 crore with Kalpataru Projects International. The company confirmed this through its regulatory filing to the exchanges after market hours on Friday.

The scope of this order is fairly wide ranging. It covers everything from design and engineering to manufacturing, inspection, transportation and supply of equipment.

It also includes supervising the erection process, testing, commissioning and demonstrating performance guarantees. The entire project is expected to be completed within 14 months. This is not the only big development for the company recently.

Just last month, Tega Industries had shared plans to bring down its net debt to about three times its earnings before interest, tax, depreciation and amortisation over the next four to five years.

This, the company said, would be driven by better margins, business growth and selling off non core assets.

Even further back, in June this year, Tega Industries had completed its acquisition of Molycop, teaming up with funds linked to Apollo Global Management in a deal valued at around 1.5 billion dollars.

That acquisition brought together both companies’ operations across mining, mineral processing and material handling, and Molycop is expected to start adding to earnings from FY27 onwards.

At 15:07 pm, Tega Industries shares are currently at Rs 2,145.80 on the NSE. The stock has now gained for four straight sessions, and trading volumes were also notably higher today, with more than 21 lakh shares changing hands, well above its usual ten day average.

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