Techno Electric & Engineering Company (Techno Electric) hits upper circuit of 5% at Rs 1729.25 after the company partnered with IndiGrid to develop two IndiGrid's Greenfield interstate transmission Systems (ISTS) projects.
Techno Electric & Engineering Company has entered into securities subscription cum shareholders agreement (SSSHA) with IndiGrid 1 (IGL 1), IndiGrid 2 (IGL 2) and 2 special purpose vehicles (SPVs) of IndiGrid namely Ishanagar Power Transmission (IPTL) and Dhule Power Transmission (DPTL} for acquiring minority equity stake.Under this partnership, Techno Electric will co-develop and invest in IndiGrids two ISTS projects, IPTL and DPTL. The company will invest minority capital and will also be responsible for the complete execution of the projects on a Lump Sum Turnkey (LSTK) basis.
Techno Electric, chairperson, Padam Prakash Gupta,said, As a pioneer and lead in the energy transmission sector, Techno is immensely proud and honored to collaborate with IndiGrid, in advancing Indias transmission story. This partnership represents @ significant milestone for us, reflecting our commitment to leading the transformation of the energy landscape in India. With our deep execution capabilities, a strong balance sheet, and a shared vision for sustainable growth, we view this collaborationas a long term strategic partnership that will shape the future of energy transmissionin the country.
Techno Electric & Engineering Company is a recognized company in the power sector. It provides engineering, procurement and construction services to the three segments of power sector including generation, transmission and distribution. The company is also engaged in generation of wind power through wind turbine generators in the states of Tamil Nadu & Karnataka.
The companys consolidated net profit surged to Rs 98.10 crore in Q1 FY25 as compared with Rs 25.56 crore in Q1 FY24. Revenue jumped 37% YoY to Rs 375.37 crore during the quarter.
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