Smallcap company, Jyoti Structures, bags Rs 389-cr order from Adani Energy

Jyoti Structures share price: Excluding Adani Energy's latest order, Jyoti Structures boasts of orders worth approximately Rs 2,000 crore, in hand

Smallcap stocks India: Smallcap company Jyoti Structures has won a Rs 389-crore order from Adani Energy Solutions, the company said on Tuesday.

 

In a stock exchange filing, Jyoti Structures said the company has bagged order worth Rs 389.36 crore from Adani Energy Solutions Limited for the supply of Towers, Survey, Soil Investigation, Foundations, Erection, Stringing, Testing, and Commissioning of 765 kV DC Transmission Line 1B of Boisar II, Pune III on turnkey basis.

 

The time period to complete the project is 18 months, Jyoti Structures said.

 

Jyoti Structures is a small-cap company, listed on the stock exchanges under Group ‘A’. Jyoti Structure shares follow ‘T+1’ settlement cycle and the company has a market capitalisation of Rs 2,055 crore. 

 

Jyoti Structures is engaged in infrastructure projects that facilitate the transmission of extra high-voltage electric power.

 

Its turnkey projects involve designing, testing, manufacturing, erecting, and commissioning transmission lines, sub-stations, and power distribution projects in India and abroad.

 

According to the company’s website, Jyoti Structures has built 31,000 kilometers of Transmission Lines, and over 1,800 high voltage sub-station bays.

 

Excluding Adani Energy’s latest order, Jyoti Structures boasts of orders worth approximately Rs 2,000 crore, in hand. This includes its order for 800 KV High Voltage Direct Current (HVDC) project, valued at Rs 741 crores, from Power Grid Corporation of India Limited.

 

"In light of the current order book and the overall business outlook, the company is restarting its second tower manufacturing unit at Nasik by the end of March this year. In preparation, the company has ordered a new galvanizing plant and three CNC fabrication machines, in addition to refurnishing the seven CNC fabrication machines the company already has," it said in a filing on February 21.

 

The company started manufacturing operations at its first unit at Nasik in August 2022, which has an annual manufacturing capacity of 36,000 MT. The second tower will add 33,000 MT of annual manufacturing capacity to the company.

 

"The plan for restarting the company’s third tower manufacturing unit at Raipur, having annual manufacturing capacity of 40,000 MT, is being kept ready for implementation," it added.

 

On the bourses, however, Jyoti Structure share price fell 2.4 per cent intraday to hit a low of Rs 16.91 per share. By comparison, the benchmark BSE Sensex index was up 214 points (0.29 per cent) at 12:25 PM.

 

The stock is trading closer to its 52-week low of Rs 16.45 per share, which it hit on March 14, 2024.