SRG Global Ltd (ASX: SRG) shares are having a day to remember on Wednesday.
In morning trade, the ASX 300 stock jumped 11% to a decade-high of $1.75.
Image source: Getty Images
Why is this ASX 300 stock jumping?
The catalyst for this strong gain has been news that the diversified infrastructure services company has won a series of major contracts.
According to the release, SRG Global has been awarded $850 million of contracts with blue-chip, repeat clients in a diverse range of sectors.
One is a Dam Anchoring contract with Seqwater to deliver staged strengthening works of the North Pine Dam, in South-East Queensland. This includes the installation of engineered anchoring systems.
Another is a Water Infrastructure contract with Hunter Water for the construction of water mains to distribute water from the planned Belmont Desalination Plant in Newcastle, New South Wales.
In the energy sector, the company has been awarded a five-year term contract for asset integrity and reliability services with Origin Energy Ltd (ASX: ORG) at its Darling Downs, Eraring, and Shoalhaven Power Assets across Queensland and New South Wales.
It has also signed a contract with Genesis Energy Ltd (ASX: GNE) to refurbish penstocks at the Waikaremoana Hydro Scheme in the North Island, New Zealand.
Any more?
But the contracts don't stop there. Genesis Minerals Ltd (ASX: GMD) has awarded the ASX 300 stock a 3 + 1 year term contract to provide specialist production drill, blast, explosives and grade control services at the Jupiter gold operations. It has also given it a further 1-year contract extension at the Admiral operations in the Northern Goldfields region of Western Australia.
Elsewhere, mining giant BHP Group Ltd (ASX: BHP) has awarded it asset integrity and reliability services term contracts with BHP Iron Ore in the Pilbara, BHP Copper SA assets in South Australia, Alcoa's refineries in the south-west of Western Australia, and Anglo American's assets across Australia.
Finally, contracts have been awarded by South32 Ltd (ASX: S32), Sydney Metro, Curtin University, and NextDC Ltd (ASX: NXT), to name just four more.
Clearly this has been a very busy period for the ASX 300 stock and its managing director, David Macgeorge, was rightfully pleased. He said:
We continue to secure a number of significant contracts across Australia and New Zealand in a broad range of sectors with blue-chip repeat clients. These contract awards are a further demonstration of our market-leading capabilities as a truly diversified infrastructure services company and positions the Company well to continue to deliver long-term sustainable growth.
