Salasar Techno Shares Surge 7% After Bagging Order; Details Here

Shares of Salasar Techno Engineering Ltd rose 7 percent in early trading on Monday after it announced it had won an engineering, procurement and construction (EPC) order in India's Tamil Nadu. The company made the announcement on Friday in a statement to the stock exchange.

Salasar Techno Engineering has awarded an EPC contract worth Rs 364 crore to Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), the company said in an exchange filing. The company added that the contract focuses on the execution of turnkey loss mitigation activities.

The contract is a major milestone for Salasar Techno as it covers important works to improve power infrastructure in Erode district of Tamil Nadu. “This agreement will further strengthen the order book and is expected to be finalized within 36 months, generating better EBITDA margins,” he said.

ALSO READ:Was Nietzsche A TechnoOptimist?

After the announcement, shares of Salasar Techno Engineering rose 7 per cent to Rs 55.01 crore on Monday, giving it a total market capitalization of Rs 1,700 crore. During last Friday's transaction, the price was Rs.51.11. The stock is up more than 50 percent from its 52-week low of Rs 36.

According to the contract, it is responsible for the power line separation system, high voltage distribution system, separation of two distribution transformers and extension of the 33 kV line.

Salazar management commented on the order award: “The completion of this contract reflects our unwavering commitment to delivering complex projects, thereby expanding the scale of our operations and increasing our profitability. »

“This contract underscores our commitment to excellence and our ability to provide end-to-end solutions for complex electrical infrastructure initiatives. Our successful bids for these contracts strengthen our position as a trusted and innovative partner in the development of reliable electricity infrastructure in the region. » » added the department.

ALSO READ:Technofeudalism Replaced Capitalism

Established in 2006, Salasar Techno Engineering manufactures large and heavy steel structures and provides tailor-made steel structures and 360 degree EPC solutions to various industries such as telecommunications, power, railways and others.

Also read : Adani Ports shares rise 7% in November amid strong cargo volume growth

Also Read : Stock Analyst Recommendations Till December 4, 2023: Tata Motors, Bajaj Electricals, SRF, NHPC, Finolex Cables

Also Read: Best Stocks to Watch on December 4, 2023: Bajaj Auto, Tata Chemicals, LTIMindtree, Hindustan Aeronautics and more.