KUALA LUMPUR (Feb 19): Share price of Genetec Technology Bhd jumped to its all-time high of RM6.50 today after the group announced that it had secured RM56 million of new orders.

As at 3pm, Genetec's shares had pared some gains and were trading 10.64% or 60 sen higher at RM6.24, valuing the group at RM279.13 million. It saw some 4.27 million shares traded.

At the time of writing, the stock was the second top gainer on Bursa.

In a bourse filing today, the group said RM53.7 million of the new orders secured came from customers in the electric vehicle and battery industry while the remaining RM2.3 million orders were from the automotive, electronics, semiconductors and hard disk drive industries.

"The new orders were secured for the month of December 2020 and up to the date of this announcement from 13 customers for customised machines of assembly lines and supply of component parts in electric vehicle and battery, automotive, electronic, semiconductor and hard disk drive industries," it said.

According to Genetec, the tenure of each project normally ranges from three to nine months depending on the size of the order and time frame specified by the customer.

"Scope of works will involve but not limited to concept design and detailed drawing, order and receiving of component parts, system fabrication and assembly, software coding and programming, factory set-up & system testing and lastly installation, commissioning and acceptance by customers.

"The secured orders are on project basis and we do not foresee any risk pertaining to the new secured orders," the group noted.

The new orders are expected to contribute positively to the group's earnings for the financial year ending March 31, 2022, it added.