Action Construction Equipment (ACE) advanced 1.92% to Rs 316 after the company said that it has received an order for the supply of cranes from DRDO, Ministry of Defence (MoD).
In an exchange filing made during market hours today, the company said that as part of its efforts to expand business in the Defence Sector, ACE has developed an indigenous special mobile crane for Ministry of Defence (MoD), DRDO, programme MRSAM (Army). The said cranes of the specified tonnage are the first of its kind been developed by an Indian Company using advanced technology.
The company has received a pilot order for manufacturing and supply of the said cranes which have been integrated on HMV 8X8 chassis by ACE. The cranes are hydraulically powered, use telescopic boom sections and are equipped with sophisticated safety devices.
Action Construction Equipment is among the leading material handling and construction equipment manufacturers in India, with market leadership in mobile and fixed tower cranes segments.
The company's consolidated net profit rose 48.21% to Rs 33.97 crore on a 36.28% increase in sales to Rs 491.83 crore in Q2 FY23 over Q2 FY22.
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