Techno Electric Surges 12% On Rs 1,455crore Order Win From RRVUN
Shares of Techno Electrical & Engineering rose 12 percent to Rs 314.50. in daily trading on the Bahrain Stock Exchange on Wednesday after the company announced that it had won a new order of Rs 1.455 billion. nigam.
Of these, the company secured orders worth Rs 666 crore from Rajasthan State Power Generation Corporation, Kota (1 x 210 MW + 2 x 195 MW) and Rs 789 crore from Rajasthan State Power Generation Corporation, Jhalawar (2 x 600 MW).
As of 9:29 am, shares in the engineering, design and construction company were trading up 9 percent at Rs 306.10. In comparison, the S&P BSE Sensex rose 0.27% to 60,002. The stock hit a 52-week high of Rs 319.90 on July 7, 2022.
Last week, Techno Electric secured a new power unit order worth Rs 680 crore. These orders include a Rs 233 crore order from Khavda Bhuj Transmission and a Rs 145 crore order from Chhattisgarh State Power Transmission Company.
Meanwhile, as of August 16, 2022, Techno Electric has purchased 40,000 shares through the open market channel through the stock exchange. The company proposes to buy back shares up to a total of Rs 130 crore at a price of Rs 325 per share.
In bourses, the stock has gained 1 percent over the past month, underperforming the market compared to a 12 percent gain in the S&P BSE Sensex. It has grown 5 percent over the past three months, compared with a 10 percent increase in the benchmark.
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