Bajel Projects shares surged over 12% in intraday trade on Tuesday, 27 October, a day after the company said it bagged an order worth over ₹200 crore for Mumbai’s critical 400 kV GIS infrastructure. Bajel Projects' share price opened at ₹171.90 against its previous close of ₹156.15 and jumped 12.3% to an intraday high of ₹175.30.
The stock rose after the company announced on 26 October that it had received an order from Tata Power Company worth approximately ₹200 crore for the engineering, procurement and construction (EPC) of 400 kV gas-insulated substations (GIS) at Dharavi and Ghatkopar in Mumbai.
Bajel Projects is a leading EPC and manufacturing solutions company with a strong domestic and international presence across the power transmission and new energies sectors.
In a separate exchange filing, the company said that Lakadia A Power Transmission Limited had issued multiple letters of award (LOAs) to Bajel towards the EPC work for a key transmission project in Gujarat. The combined value of these LOAs is ₹1,500 crore.
According to Aditya Thukral, founder and analyst at AT Research and Risk Managers, Bajel Projects has been moving in a corrective structure and is in the last stages of its corrective phase; however, this could still extend towards the previous swing lows of ₹135.