Shares of Asian Energy Services Ltd fell 3% after touching a day’s high of Rs 348 on 6th November. This happened even though the company announced it had secured a contract worth approximately Rs 459 crore from Mahanadi Coalfields Ltd on Tuesday, 4th November, for setting up a coal handling plant in Odisha.

According to the company, the contract covers complete turnkey execution. This includes design, supply, erection, commissioning, testing, trial runs, and operations & maintenance during the Defect Liability Period (DLP). The project is expected to be completed over seven years.

Commenting on the deal, Kapil Garg, Managing Director of Asian Energy Services Ltd, said the Rs 459 crore contract from Mahanadi Coalfields highlights the strong trust clients have in the company’s expertise. He added that this major win strengthens its position in the coal handling segment. Moreover, it pushes its total order book beyond Rs 2,000 crore (excluding Kuiper). This reflects a strong revenue outlook and solid growth momentum ahead.

At 1:04 PM, shares of Asian Energy were trading 2.76% lower at Rs 334.10 on NSE.

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