Mindteck (India) extends gains after winning smart grid project

Mindteck (India) rose 8.28% to Rs 104 at 14:53 IST on BSE, with the stock extending yesterday's gain triggered by winning smart grid project for Bangalore Electricity and Supply Company.

Meanwhile, the S&P BSE Sensex was down 390.15 points or 1.54% at 25,009.50

On BSE, so far 1.74 lakh shares were traded in the counter as against average daily volume of 49,798 shares in the past one quarter.

The stock hit a high of Rs 104.95 and a low of Rs 97.50 so far during the day. The stock had hit a 52-week high of Rs 194 on 30 November 2015. The stock had hit a 52-week low of Rs 54 on 7 September 2015. The stock had outperformed the market over the past one month till 4 April 2016, rising 13% compared with Sensex's 3.06% rise. The scrip had, however, underperformed the market in past one quarter, falling 39.89% as against Sensex's 0.87% fall.

The small-cap company has equity capital of Rs 25.17 crore. Face value per share is Rs 10.

Mindteck (India) jumped 9.96% to settle at Rs 96.05 yesterday, 4 April 2016 after the company during market hours announced that it is implementing a Smart Grid project for Bangalore Electricity and Supply Company (BESCOM)'s Chandrapura sub-bivision in synergy with IIT (BHU). The project entails the installation of automatic metering infrastructure (AIM), single phase and three-phase smart meters along with LT-CT and HT-CT operated-meters, data concentrator, and a meter data acquisition system (MDAS) and meter data management (MDM) for real-time data acquisition and retrieval, Mindteck (India) said.

On consolidated basis, Mindteck (India)'s net profit rose 22.34% to Rs 10.35 crore on 6.31% decline in net sales to Rs 73.56 crore in Q3 December 2015 over Q2 September 2015.

Mindteck (India) is a global technology company, provides Product Engineering solutions and Information Technology services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities worldwide.

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