Small-cap stock hits upper circuit, bagging Mega Power Transmission Order
Stock Market Today: Small-cap stock gained 5% to hit the upper circuit during the intraday trades on Monday after having bagged the Mega Power Transmission Order.
Bajel Projects, over the weekend on 21 June, announced having secured Ultra Mega* EPC, or engineering, procurement, and construction orders of transmission lines. Ultra-mega orders, as per the company's classification, are orders worth more than ₹ 400 crore.
As per the release by Bajel Projects on the National Stock Exchange of India and also on the BSE, or the Bombay Stock Exchange, they announced having secured an order from Power Grid Corporation of India Limited (PGCIL). The order has been placed on behalf of their special projects vehicle, or the SPV, 'M/s MEL POWER TRANSMISSION LIMITED,' as per the Bajel Projects press release.
Bajel Projects is a BAJAJ GROUP company and in the engineering, procurement, and construction business, with a strong presence in the power transmission and distribution sectors.
Small-cap stock Bajel Projects said that the broad consideration of the order is for
1. Construction of 400 kV New Transmission Line—138 km.
2. 400 kV substation bay extension works at Rewa Substation.
The work involves the Transmission Line Package TL01 for (i) Mahan (Existing Bus) - Rewa PS (PG) 400 kV D/c Quad ACSR/AAAC/AL59 Moose Equivalent line and (ii) Extension of 400 kV Rewa (PG) associated with the transmission system for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh.
The domestic EPC contract for power transmission line & substation bay extension works is to be completed by Bajel Projects in 29 months from the date of issuance of the Notification of Award.
Bajel Projects share price opened at ₹ 209.80, and at the time of opening, it was 5% higher than the previous day's closing price. The small-cap stock Bajel Projects thereafter continued trading at the same levels, as ₹ 209.80 was the upper price band for the stock. Thus, Bajel Projects share price was locked in the upper circuit on Monday during the intraday trades.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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