Transformers And Rectifiers Hits Upper Circuit After Bagging Orders Worth Rs 252 Crore
The delivery of transformers to the customers will be completed by next financial year, the company said.
Shares of Transformers And Rectifiers (India) Ltd. hit the 5% upper circuit on Friday after it won orders totalling Rs 252 crore. The company received a deal worth Rs 91 crore from SPIL for supply of transformers with a range of 50 to 500 megavolt amperes and 33 kilovatt class to 420 kV class. It also won an order worth Rs 91 crore from Jindal Steel & Power Ltd. for transformers with a range of 250 MVA and 400 kV class.
It also got a contract of Rs 70 from Kumar Electricals And Power Infra Pvt. for transformers and reactors with a range of 125 MVA to 500 MVA and 420 kV class.
The delivery of transformers to the customers will be completed by next financial year, the company said.
The company's shares surged 5% to hit the upper circuit of Rs 743.8 apiece at 2:00 p.m. The benchmark NSE Nifty 50 was trading 0.27% lower.
It has risen 527% during the last 12 months and has advanced by 110% on an year-to-date basis. The total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 56.
Both the analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 24%.
