Salasar Techno Engineering spurts on bagging deal worth Rs 170 cr from Rites

Salasar Techno Engineering rallied 4.05% to Rs 272.20 after the company secured a purchase order of Rs 170 crore from Rites.

As per the exchange filing, the project consists of the - "Railway Electrification of 25kV OHE works including TSS General Electrification, Civil Engineering works including Tower Wagon Shed, Service Buildings, Staff Quarters, Track works and Signalling and Telecommunication works on existing track of single line section of Udaipur city (Excl.) - Himmatnagar (Excl.) 210 RKM (234.99 TKM) section of Ajmer division of North Western Railway."

Salasar Techno Engineering's consolidated net profit jumped 22.6% to Rs 10.02 crore on a 35.7% surge in net sales to Rs 200.19 crore in Q2 FY22 over Q2 FY21.

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

Meanwhile, shares of Rites declined 1.34% to Rs 269.40 on BSE. The scrip hit an intraday high and low of Rs 273.05 and Rs 266.80 respectively.