Australia's Monadelphous top gainer in ASX 200 on Albemarle contract

Monadelphous

25/07/2023 03:13

(Updates with latest share moves and analyst comments)
    ** Australia's Monadelphous Group  MND.AX  top gainer in the
benchmark ASX 200 index  .AXJO , climbing as much as 7% to
A$13.37
    ** MND marks its biggest intraday gain since Aug. 23, 2022
    ** Shares hit their highest level since May 10, last up 6.9%
at A$13.36
    ** Engineering firm secures A$200 mln ($134.56 mln)
construction contract for Albemarle's  ALB.N  Kemerton lithium
hydroxide plant in Western Australia 
    ** Under contract, MND will have work associated with two
new lithium processing trains
    ** Deal comes after ALB said in May it would spend $1.5 bln
to double capacity at its Kemerton plant
    ** Jefferies expects FY23 results, due on Aug. 22, will be
"straightforward", and wouldn't be surprised if it beats market
expectations
    ** Brokerage rates MND "buy", and has a PT of A$13.00
    ** Monadelphous stock down 6.4% this year, as of last close 
    
   ($1 = 1.4863 Australian dollars)

 (Reporting by Navya Mittal and Sameer Manekar in Bengaluru)
 ((navya.mittal@thomsonreuters.com))