Salasar Techno gains on bagging order from PGCIL

Salasar Techno Engineering added 1.13% to Rs 599.50 after the company said it secured a project worth Rs 238.65 crore from Power Grid Corporation of India (PGCIL).

PGCIL, vide their letter dated 22 May 2021, has awarded power projects to Salasar Techno Engineering. The orders include construction of 201 Km transmission line network and construction of 4 new power substations in the Arunachal Pradesh.

The transmission line network will be of 132KV type and the substations will be of the extra high voltage capacity. The estimated cost of the work allocated to the company is Rs 238.65 crore. It involves supply, construction, erection, testing and commissioning of transmission towers and substations.

  Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India.

The company's consolidated net profit surged to Rs 11.59 crore in Q3 FY21 from Rs 2.16 crore in Q4 FY20. Net sales 72.68% YoY to Rs 174.36 crore during the quarter.

On a year-to-date (YTD) basis, the stock has zoomed 153.47% while the benchmark Sensex has added 6% during the same period.

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