Here's why Techno Electric stock is locked in 5% upper circuit on August 19

Techno Electric in focus: Shares of Techno Electric and Engineering Company were locked in 5 per cent upper circuit at Rs 1729.25 per share on August 19, 2024. 

The surge in the stock price followed Techno Electric’s announcement of a strategic partnership with IndiGrid. The collaboration will see Techno Electric co-develop and invest in two of IndiGrid’s greenfield Interstate Transmission System (ISTS) projects, namely Ishanagar Power Transmission Limited (IPTL) and Dhule Power Transmission Limited (DPTL). 

As part of the agreement, Techno Electric will make a minority investment and take on full responsibility for the execution of these projects on a Lump Sum Turnkey (LSTK) basis. 

“As a pioneer and lead in the energy transmission sector, Techno is immensely proud and honoured to collaborate with IndiGrid, in advancing India’s transmission story. This partnership represents a 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 collaboration as a long-term strategic partnership that will shape the future of energy transmission in the country," said Padam Prakash Gupta, chairperson, Techno Electric said.

Founded in 1963, Techno Electric and Engineering Company is a leading player in India's power infrastructure sector. The company offers engineering, procurement, and construction (EPC) services across power generation, transmission, and distribution.

Beyond its core operations, Techno Electric is active in developing and implementing smart grid technologies, energy storage solutions, and other advanced innovations that are transforming India's energy landscape.

Techno Electric and Engineering has a market capitalisation of Rs 20,108.20 crore, according to the Bombay Stock Exchange (BSE), and is classified under the BSE SmallCap category. 

The stock's 52-week high is Rs 1,765 per share, while the 52-week low stands at Rs 467.35 per share.

At 1:50 AM, Techno Electric shares continued to remain locked in the 5 per cent upper circuit at Rs 1,729.25 per share. In comparison, the BSE Sensex was down 0.05 per cent at 80,398.46 levels.