Shares of ISGEC Heavy Engineering Ltd surged 3% intraday on February 24 after the company secured an order to supply seven waste heat recovery boilers.

Shares of the company were up 1.2% at Rs 452.4 on the BSE at 9:35 am. The stock’s performance has been lacklustre over the past month or three.

“ISGEC has secured a prestigious order from a major steel company in Eastern India for the supply of seven waste heat recovery boilers utilising DRI sponge iron kiln exhaust gas,” the company release said.

ISGEC Heavy Engineering had previously supplied four circulating fluidised bed-fired boilers to DRI Sponge Iron.

The company had an order inflow of Rs 1,388 crore and an order backlog of Rs 7,752 crore as of end-December.

BNP Paribas-owned brokerage Sharekhan is neutral on the outlook for ISGEC Heavy Engineering Ltd.

Consolidated net sales in the December quarter rose 14% year-on-year to Rs 1,597.06 crore, while net profit rose 34% to Rs 62.96 crore.