Shares of Gujarat Toolroom hit a % upper circuit on 5 January after the company announced executing an order worth Rs 55 crore.

In its regulatory filing, the company said that it had executed an order worth Rs 55 crore, achieving a bottom line of Rs 5.5 crore.

The company added, “We are committed to executing the remaining orders as scheduled, and we expect a significant turn-around in our financials, particularly with the imminent commencement of operations at our Zambia Mines within the next 6-8 months.”

They also expect to see a significant turn-around in their financials on the back of a strong order book, along with strategic business plans and the forthcoming operation of the Zambia Mines that will position the company for significant growth in the coming future.

The company recently completed the acquisition of 6 hectares of mines in Zambia, of which the company expects to generate a minimum annual revenue of Rs 700 crore upon the operational commencement of these mines in the coming quarters.

The company was incorporated in 1983 and has its headquarters located in Ahmedabad. The company is in the business of development and operation of mines and minerals and other allied activities.

At 3:30 pm, the shares of Gujarat Toolroom closed 1.84% higher at Rs 56.50 on NSE.