Techno Electric raises 12% on RRVUN’s Rs 1,455 crore order

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Shares of Techno Electric & Engineering Company jumped 12% to Rs 314.50 on BSE during Wednesday’s intraday trading after the company said it secured new orders worth Rs 1,455 crore for the Flue Gas Desulfurization (FGD) from Rajasthan Rajya Vidyut Utpadan Nigam.

Out of this amount, the company received an order of Rs 666 crore from Rajasthan Rajya Vidyut Utpadan Nigam, Kota (1x210MW +2 X 195MW) and Rs 789 crore from Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar (2x 600MW).

As of 9:29 a.m., shares of the engineering, design and construction company were trading up 9% at Rs 306.10. By comparison, the S&P BSE Sensex rose 0.27% to 60,002 levels. The stock had hit a 52-week high at Rs 319.90 on July 7, 2022

Last week, Techno Electric secured new transmission orders totaling Rs 680 crore. These orders included an order of Rs 233 crore from Khavda Bhuj Transmission and an order of Rs 145 crore from Chhattisgarh State Power Transmission Co.

Meanwhile, until August 16, 2022, Techno Electric has repurchased 40,000 shares through the open market through stock exchanges. The company has offered to repurchase shares totaling up to Rs 130 crore at a price not exceeding Rs 325 per share.

On the stock markets, the stock has underperformed the market, gaining 1% over the past month, versus 12% for the S&P BSE Sensex. While in the past three months it has gained 5% against a 10% increase in the benchmark.

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