Shares of Techno Electric & Engineering Company Ltd surged as much as 7.8% to hit a 52-week high of ₹844.15 apiece on the BSE, after the company bagged an order worth ₹1,750 crore for transmission and advance metering infrastructure by Power Grid Corporation of India Limited (PGCIL).
The scrip opened higher at ₹815.20, up 4.11%, as against the previous closing price of ₹783. At 1:14 pm, the share price of the company was trading 2.26% higher at ₹801. This is in contrast to the broader BSE Sensex, which was trading 164.76 points or 0.23% lower at 72,245.62. The company’s market capitalisation stood at ₹8,834.65 crore with 45,773 shares exchanging hands on the BSE, as against the two-week average of 0.12 lakh shares.
The company hit a 52-week low of ₹305.85 on February 15 this year. In the past one month, three months and one year, the counter has given 12.66%, 59.13% and 153.14% in returns, respectively. In the year-to-date period, the share price of the company has given 136.67% in returns.
According to the regulatory filing, the company has bagged a transmission order worth ₹709 crore for three substation packages in Neemrana, Sikar and PGCIL. The company bagged an advance metering infrastructure order worth ₹1,041 crore from RECPDCL for 2.27 lakh smart meters in Kashmir.
Headquartered in Kolkata, Techno Electric and Engineering is a leading engineering, procurement, and construction (EPC) company in the power sector. With over 40 years of EPC experience, the company has so far completed 450 projects. TECHNO leverages EPC services in all segments of the power sector to venture into renewable energy projects, data centres, flue gas desulphurisation projects, and advanced metering infrastructure projects.
In the July to September quarter of FY24, the company’s total income surged by 25.46% to ₹73.78 crore as against ₹58.81 crore in the same period last year. The company’s total revenue during the quarter under review stood at ₹462.29 crore, as against ₹185.79 crore in the same period last year.
In November this year, the company entered into a non-binding memorandum of understanding (MOU) with Singapore-based Keppel Data Centres (India) Private for the greenfield development of a data centre campus in India.
Analysts at ICICI Securities has said the company’s robust order book position gives revenue visibility over the next 24-30 months. "Company is executing an order for 250,000 smart meters in Jammu and Kashmir worth about INR 3bn. In terms of L1 business under the RDS scheme, the company has 27 months to implement all schemes where it is L1 in AMI. Revenue this year may be marginal from these orders, but the INR 3bn scheme will be completed fully this year. Additionally, the company should be able to execute another business of 250,000 meters this year out of the total 2mn meters," the research firm said.
Earlier this month, rating agency ICRA gave the AA rating with a 'Stable' outlook for the long term and A1+ for the short term to the company.
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