Techno Electric surges 12% on Rs 1,455-crore order win from RRVUN

The company received Rs 666-crore order from Rajasthan Rajya Vidyut Utpadan Nigam, Kota, and Rs 789-crore from the Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar

Shares of Techno Electric & Engineering Company surged 12 per cent to Rs 314.50 on the BSE in Wednesday's intra-day trade after the company said it has secured new orders worth Rs 1,455 crore for Flue Gas Desulfurization (FGD) from Rajasthan Rajya Vidyut Utpadan Nigam.

Of this, the company received Rs 666-crore order from Rajasthan Rajya Vidyut Utpadan Nigam, Kota (1x210 MW +2 X 195 MW) and Rs 789-crore from the Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar (2x 600 MW).

At 09:29 AM, the stock of the engineering, designing & construction company was trading 9 per cent higher at Rs 306.10. In comparison, the S&P BSE Sensex was up 0.27 per cent at 60,002 levels. The stock had hit a 52-week high of Rs 319.90 on July 7, 2022

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

Meanwhile, till August 16, 2022, Techno Electric has bought back 40,000 equity shares via open market route through the stock exchanges. The company has proposed to buyback equity shares aggregating up to Rs 130 crore at a price not exceeding Rs 325 per share.

On the bourses, the stock has underperformed the market by gaining 1 per cent in the past one month, as compared to 12 per cent rally in the S&P BSE Sensex. While in the past three months, it has gained 5 per cent as against 10 per cent surge in the benchmark index.