Elecon Engineering Company, one of the largest gears manufacturer in Asia and a leading player in MHE segment today announced the receipt of new order in its material handling business.

The company announced that it has bagged order worth Rs 590 million from Indian Farmers Fertiliser Cooperative (IFFCO) for Bagging facilities expansion on turnkey basis at its Kandla Unit, Gujarat.

The company earlier also announced that it has received order worth Rs 1.30 billion from Ramagundam Fertilizers and Chemicals.

Prayasvin Patel, CMD said, ''The fiscal 2017-18 for Elecon has started on a bright note and we are happy to note this positive trend in the fertilizer sector for our MHE business. We hope that the momentum would continue for the time to come as we remain optimistic on the overall business sentiment.''

Shares of the company gained Rs 2.15, or 3.73%, to settle at Rs 59.80. The total volume of shares traded was 193,121 at the BSE (Monday).