Kalpataru Power Transmission (KPTL) rose 5.9% to Rs 295.5 after the company said it has fully commissioned Kohima-Mariani power transmission project.Kohima-Mariani Transmission (KMTL) is a joint venture between KPTL and Techno Electric & Engineering Company (TEECL) with KPTL holding 74% of equity.
KMTL was set-up to implement a transmission system under North Eastern Region Strengthening Scheme (NERSS-VI) on Build Own Operate and Maintain (BOOM) basis. Earlier in July 2020, KMTL had commissioned Element-1 (Substation) and Element-3 (New Kohima - New Mariani Line).
KMTL has now successfully commissioned Element-2 (Imphal-New Kohima Line) of the project. With this, the project stands completed, KPTL said in a statement after market hours on Friday, 13 November 2020.
The project was won under a competitive bidding process conducted by PFC Consulting (PFCCL). The scope of work involved designing, financing, constructing, commissioning and operating of 254 kms of 400 KV transmission line. The transmission line passes through three states i.e. Manipur, Nagaland and Assam.
Commenting on the completion, Manish Mohnot, MD & CEO of KPTL said, "We are pleased to announce the complete commissioning of the KMTL Transmission Asset. In line with our business plan, we will now swiftly proceed towards the divestment phase of KMTL. This asset has already been divested to CLP India and the process of transaction closure will be completed soon. The successful implementation and divestment of T&D assets reinforces, complements and accelerates KPTL's strategy to drive future growth in the core EPC business and enhance shareholder value.
KPTL is one of the largest specialized EPC companies in India engaged in power transmission & distribution.
Shares of KPTL have surged 18.39% in three days from its previous closing low of Rs 249.60 posted on 12 November 2020.
On a consolidated basis, the company's net profit rose 1.5% to Rs 139 crore on a 5.7% decline in net sales to Rs 3,032 crore in Q2 September 2020 over Q2 September 2019.
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