The Indian stock market fell sharply on Tuesday, with both Nifty 50 and BSE Sensex trading lower. Weakness in IT and auto stocks pushed the indices down.
At the time of writing, the BSE Sensex was trading 1,200 points lower at 82,094. Meanwhile, the NSE Nifty was 356 points lower at 25,356.
Amid the negative market, Dee Development Engineers emerged as one of the biggest gainers of the day. Today, its share has surged by 6%, catching the attention of market watchers.
Take a look at what's pushing the shares higher and if the rally can hold.
Shares of Dee Development Engineers rose 6% after the company announced fresh order wins by its subsidiary, DEE Piping Systems, from Bharat Heavy Electricals Limited, strengthening its order book.
In an exchange filing, the company announced it secured domestic orders worth Rs 1,730 million (m). This includes Rs 880 m in job work contracts, including a Rs 260 m Letter of Intent from BHEL for manufacturing critical piping components like headers and vessels.
Another Letter of Intent worth over Rs 420 m was received from a joint venture between an Indian company and a foreign power-sector conglomerate, but the name was not disclosed for business reasons. These domestic contracts are set to be completed within one year.
Separately, its overseas branch, DEE Piping Systems (Thailand) Co., Ltd., received international orders from a US-based power-sector OEM.
The Thailand unit secured $8 m (approximately Rs 660 m) to manufacture and supply HRSG piping for 11 units, with completion expected by December 2028.
The company also received an additional $1.5 m (approximately Rs 120 m) order for pipe fittings and flanges for seven units, which are to be delivered by December 2027.
This could be the main reason for the share price to surge.
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