Kalpataru Power surges after securing new orders

Kalpataru Power Transmission jumped 9.27% to Rs 523.35 at 10:29 IST on BSE after the company announced that it has secured new orders/notification of award of Rs 871 crore.

The announcement was made after market hours yesterday, 22 January 2018. The stock had gained 2.65% to Rs 478.95 yesterday, 22 January 2018 ahead of the announcement.

Meanwhile, the S&P BSE Sensex was up 227.37 points, or 0.64% to 36,025.38. The S&P BSE Mid-Cap index was up 184.49 points, or 1.03% to 18,060.99, outperforming the Sensex.

More than usual volumes were witnessed on the counter. On the BSE, 46,001 shares were traded in the counter so far, compared with average daily volumes of 18,593 shares in the past two weeks. The stock had hit a high of Rs 535 and a low of Rs 510 so far during the day. The stock had hit a record high of Rs 535.95 on 12 January 2016. The stock had hit a 52-week low of Rs 262.50 on 20 January 2017.

Commenting on the new order announcements, Manish Mohnot, Managing Director & CEO of the company, said that the current orders reflect continued success of the company's railway and pipeline businesses. The cumulative order intake from these businesses this year has exceeded Rs 2600 crore. This will provide further impetus for growth in the next year, he added.

The company will announce its Q3 results on 7 February 2018. Net profit of Kalpataru Power Transmission had risen 23.7% to Rs 71.49 crore on 9.6% rise in net sales to Rs 1222.80 crore in Q2 September 2017 over Q2 September 2016.

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

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