Action Construction Equipment tumbles despite securing Rs 420 crore contract from Ministry of Defence
Action Construction Equipment is currently trading at Rs. 1215.75, down by 29.10 points or 2.34% from its previous closing of Rs. 1244.85 on the BSE.
The scrip opened at Rs. 1264.85 and has touched a high and low of Rs. 1264.85 and Rs. 1195.35 respectively. So far 15812 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1693.05 on 02-Apr-2024 and a 52 week low of Rs. 1043.70 on 13-Mar-2024.
Last one week high and low of the scrip stood at Rs. 1270.00 and Rs. 1103.75 respectively. The current market cap of the company is Rs. 14504.33 crore.
The promoters holding in the company stood at 65.41%, while Institutions and Non-Institutions held 13.65% and 20.94% respectively.
In a significant boost to India’s defence infrastructure and indigenous manufacturing capabilities, Action Construction Equipment (ACE) has secured the largest order in its history, reinforcing its commitment to the Government of India’s ‘Make in India’ and ‘Aatma Nirbhar Bharat’ initiatives. The Ministry of Defence (MoD) has signed contracts for the procurement of 1,868 Rough Terrain Fork Lift Trucks (RTFLT), with ACE securing a dominant 60% share of the order. ACE will deliver 1,121 RTFLTs along with attachments and accompanying accessories at a total value of Rs 420 crore.
The RTFLT is a mission-critical asset, designed to enhance combat readiness and logistical efficiency across the Indian Army, Indian Air Force, and Indian Navy. By reducing manual handling of vast quantities of essential supplies, the RTFLT significantly improves the operational effectiveness of the Defence forces. ACE was awarded this breakthrough contract after successfully demonstrating the superior capability of its equipment through rigorous performance testing. This milestone order underscores the company’s technological expertise and robust R&D capabilities, reinforcing its position as a key contributor to India’s self-reliance in defence manufacturing.
Action Construction Equipment is India’s leading material handling and construction equipment manufacturing company with a majority market share in Mobile Cranes and Tower Cranes segment.
