Kalpataru Projects Soars To Record After Orders Worth Rs 2,995 Crore
The stock rose as much as 4.79% in early trade to Rs 1,410 apiece on the NSE.
Shares of Kalpataru Projects International Ltd. surged nearly 5% to an all-time high on Thursday after the company, along with its joint ventures and international subsidiaries, bagged orders worth Rs 2,995 crore.
The company won three orders for transmission and distribution business in the overseas markets, engineering, procurement and construction order in the water business under a joint venture, and building and factories orders in India, according to an exchange filing.
"The continuous inflow of orders in the T&D business reaffirms our confidence that T&D EPC business will contribute significantly to KPIL's growth," Chief Executive Officer Manish Mohnot said.
KPIL’s order intake till date in the current financial year stands at Rs 6,178 crore, the managing director said. "Our robust and well-diversified order book gives us confidence to achieve the targeted growth going forward."
Last month, KPIL won multiple orders worth Rs 2,333 crore, including in the transmission and distribution business in India and overseas markets.
KPIL's stock rose as much as 4.79% in early trade to Rs 1,410 apiece on the NSE. It was trading 2.27% higher at Rs 1,376 per share, compared to a 0.11% advance in the benchmark Nifty as of 9:49 a.m.
The share price has risen 149.03% in the last 12 months and 94.61% on a year-to-date basis. The relative strength index was at 72.57, indicating the stock is overbought.
Twelve out of 15 analysts tracking the company have a 'buy' rating on the stock, two recommend 'hold' and one suggests 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7.7%.
