Jyoti Structures share price jumps 14% on ₹949-crore power grid orders

The total order value is nearly 90 per cent of its current market capitalisation of ₹1,069 crore.

Jyoti Structures shares surged 14 per cent after the company announced two Power Grid Corporation of India orders worth a combined ₹949.35 crore for HVDC transmission line projects in Rajasthan, with execution scheduled over 38 months. The total order value is nearly 90 per cent of its current market capitalisation of ₹1,069.52 crore.

 

The company's counter gained on Monday. At 11:24 AM, Jyoti Structures’ share price was trading 11.5 per cent higher at ₹9.07 per share on NSE. In comparison, Nifty 50 was flat at 22,600.15. In intraday trade, the stock gained 13.97 per cent to touch the day's high at ₹9.30 per share.

 

 

In an exchange filing on Monday, Jyoti Structures said that it has received an order from Power Grid Corporation of India for an +_800 kV HVDC Bipole project in Barmer-II and for a South Kalamb Transmission Lines package TL01 and TL02.

 

Jyoti Structures shares have gained 5.59 per cent over the past week, outperforming the Nifty 50, which declined 0.99 per cent. The stock rose 0.44 per cent over the past month, compared with a 2.06 per cent fall in the benchmark index.

 

However, the stock has underperformed the broader market over longer periods. It has declined 5.13 per cent year-to-date and 33.94 per cent over one year, against Nifty 50 losses of 13.32 per cent and 12.14 per cent, respectively. Over three and five years, Jyoti Structures has fallen 19.52 per cent and 40.41 per cent, while the Nifty 50 has gained 20.18 per cent and 24.06 per cent, respectively.

 

Vipin Kumar, AVP research at Globe Capital Market said Jyoti Structures has started a bounce-back rally from its previous swing price support level of 7.94. However, the chart structure remains negative as the stock is trading below both its key long-term and short-term moving averages in lower highs and lower lows formation. “Immediate resistance is placed around the 10.50–12.00 zone, while support is placed around 7.90,” he added.

  

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