Elecon Engineering Company shares rose 4.7 percent intraday Monday on the back of order received worth Rs 130 crore in its material handling business.

The company has bagged order worth Rs 130 crore from Ramagundam Fertilizers and Chemicals for installing urea bagging and conveying systems at their complex at Ramagundam, Telangana.

The company also recently received orders worth of Rs 45 crore in cement, power, port and coal sectors.

Prayasvin Patel, CMD of Elecon Engineering said, "We are happy to receive this order in the MHE business which has been moderate due to macro-economic factors gripping our industry."

"We believe the government continues to take right policy measures and over a period the industry should gradually start witnessing traction from the core sectors," he added.

At 10:05 hrs Elecon Engineering Company was quoting at Rs 55, up Rs 2.15, or 4.07 percent on the BSE.

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