Kalpataru Projects Bags Orders Worth Rs 2,774 Crore; Shares Gain

Kalpataru Projects International Ltd. on Thursday said the company, along with its listed international subsidiaries, has bagged orders worth Rs 2,744 crore across various business verticals.

The orders include an "EPC project for extension of airports from the Airports Authority of India",  the company said in a regulatory filing.

Kalpataru Projects has also received orders related to transmission and distribution business in overseas markets, as well as a design and build project for a residential building in India, it added.

"The prestigious order from the Airports Authority of India (AAI) will mark our entry into the growing domestic airport sector and further diversify our clientele," said Manish Mohnot, the company's managing director and chief executive officer.

Last month, the construction firm had won orders cumulatively amounting to Rs 2,995 crore. This was preceded by multiple orders worth Rs 2,333 crore received in July.

The fresh set of orders takes Kalpataru Projects' year-to-date orderbook to around Rs 9,800 crore, Mohnot said. "We continue to focus on delivering sustainable growth and improving profitably going forward.”

Shares of Kalpataru Projects gained 1.8% to hit intraday high of Rs 1,380.35 apiece on the NSE, only to give up gains and trade 0.52% higher at Rs 1,362.80 apiece, compared with a 0.5% rise in the benchmark Nifty 50.

The stock has risen 92.9% so far this year and 114.1% in the last 12 months. The stock's total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 57.7.

Fourteen out of the 17 analysts tracking the company have a 'buy' rating on the stock, two suggest a 'hold' and only one has a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.8%.