Kalpataru Power slumps after World Bank alleges violations

Kalpataru Power Transmission fell 6.12% at Rs 445 after the company said that the World Bank has alleged process violations on two African projects over 7 years ago.

Kalpataru Power Transmission announced today that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company said it disagrees with the bank's position and intends to contest the proceedings vigorously.

On the BSE, 25,000 shares were traded in the counter so far compared with average daily volumes of 2487 shares in the past two weeks. The stock hit a high of Rs 477.8 and a low of Rs 415.1 so far during the day.

The stock hit a 52-week high of Rs 553.50 on 1 July 2019. The stock hit a 52-week low of Rs 268.50 on 29 October 2018.

On a consolidated basis, the power transmission company's net profit rose 17.6% to Rs 100 crore on a 33% rise in the net sales to Rs 2771 crore in Q1 June 2019 over Q1 June 2018.

Kalpataru Power Transmission (KPTL) is among the largest players firmly entrenched in the global power transmission and infrastructure engineering procurement construction (EPC) space.

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