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Refex Industries shares rise 4% after winning ₹250-crore order from GENCO

Refex Industries shares rose 4 per cent in trade, logging an intraday high at ₹462.35 per share. At 9:33 AM, Refex Industries shares were trading 3.14 per cent higher at ₹458.1 per share on the BSE. In comparison, the BSE Sensex was up 0.12 per cent at 83,542.4. The company's market capitalisation stood at ₹5,922.34 crore. Its 52-week high was at ₹600 per share and the 52-week low was at ₹204 per share. Why were Refex Industries shares buzzing in trade? The counter saw buying after the company procured an order for comprehensive ash disposal along with the operation and maintenance of fly ash systems from GENCO. The order is worth ₹250 crore and has to be completed by March 31, 2028. "We wish to inform you that Refex Industries Limited (RIL), has procured an order for comprehensive ash disposal along with operation & maintenance of fly ash systems from a prominent GENCO for a tenure of 3 years," the filing read. According to the filing, the scope of supply and services is operation and maintenance of the existing Ash Handling System and Spares management, utilisation/lifting of fly ash on a daily basis, and utilisation/lifting of pond ash and hydrobin ash on a daily basis. Other than this, recently, the company's board increased the authorised share capital from ₹40 crore, divided into 17,50,00,000 shares of ₹2 each, and 5,00,000 cumulative redeemable preference shares of ₹100 each, to ₹100 crore divided into 47,50,00,000 shares of ₹2 each, and 5,00,000 cumulative redeemable preference shares of ₹100 each. The amount was raised considering the future expansion plan, additional capital may be required to fund the growth and operations of the company and to facilitate any fundraising in the future via the further issue of equity shares of the company, it is imperative to increase the authorized share capital of the company from ₹40 crore to ₹100 crore, by creation of additional 30 crore equity shares of ₹2 each, aggregating to ₹60 crore. About Refex Industries Refex Industries is a specialist manufacturer and re-filler of Refrigerant gases in India, particularly, environmentally acceptable gases that are replacements for Chloro-fluoro-carbons (CFC's). These are used primarily as refrigerants, foam-blowing agents, and aerosol propellants. The company exercises superior quality control and efficiency with the aid of sophisticated and novel computer technology. Refex is committed to being an exemplary player in terms of safety, protection of health and environment, and sustainable development.