Sanmit Infra zooms 10% in 2 session over drum-packed bitumen supply

New Delhi: Shares of Sanmit Infra rallied as much as 10% in two trading sessions after the company announced the supply of bitumen in drum packaging.

In a regulatory filing with exchanges, the company said it started the supply of Bitumen in drum packaging in Orissa apart from doing business in bulk.

Following the announcement, shares of Sanmit Infra jumped to Rs 80.4 on Tuesday before giving up some gains.

The company had recently bagged an order for eco-friendly less wood for green cremation systems (GMS). It had expressed hopes of more order inflows from the Bitumen business, which has been back in action after the monsoon.

Shares of the smallcap player delivered a return of 200% in the last year, whereas the stock has gained about 90% in the last six months, suggests data.

Incorporated in 1965, Sanmit Infra engaged in the disposal of biomedical waste, the supply of petroleum products, and the construction of real estate projects. It is an authorized dealer of Hindustan Petroleum Corporation (HPCL).

For the quarter ended on September 30, the company reported a net profit of Rs 1.01 crore, which almost halved from the previous year's same quarter at close to Rs 2 crore.

Its total revenue from operations for Q2 stood at Rs 32.76 crore, which was 35.08 crore in the year-ago period.