Salzer Electronics gains after securing a contract

Salzer Electronics rose 1.55% to Rs 183.95 at 11:55 IST on BSE after the company said it has secured a letter of intent worth Rs 18.70 crore from Energy Efficiency Services.

The announcement was made during market hours today, 19 December 2016.

Meanwhile, the S&P BSE Sensex was down 59.68 points or 0.23% at 26,429.88.

On the BSE, 9,111 shares were traded on the counter so far as against the average daily volumes of 23,728 shares in the past one quarter. The stock had hit a high of Rs 186.50 and a low of Rs 180 so far during the day.

The stock had hit a 52-week high of Rs 267 on 1 August 2016 and a 52-week low of Rs 160 on 29 February 2016. It had underperformed the market over the past one month till 16 December 2016, sliding 0.6% compared with the Sensex's 0.73% rise. The scrip had also underperformed the market over the past one quarter declining 15.29% as against the Sensex's 7.38% fall.

The small-cap company has equity capital of Rs 13.89 crore. Face value per share is Rs 10.

Salzer Electronics has secured a letter of intent worth Rs 18.70 crore from Energy Efficiency Services (EESL), a joint venture company of PSUs of Ministry of Power. Government of India for designing, manufacturing, supplying, installing, commissioning, testing and maintaining of lighting controls for installed LED streetlights in the urban local bodies viz. Varanasi (Uttar Pradesh), Jalna (Maharashtra) and Jharkhand.

Salzer Electronics' net profit rose 7.4% to Rs 4.96 crore on 13.8% growth in net sales to Rs 89.51 crore in Q2 September 2016 over Q2 September 2015.

Salzer Electronics is a leading player offering total and customized electrical solutions in switchgears, wires & cables and energy management business.

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