In Wednesday’s intraday session, shares of Techno Electric & Engineering Business rose 13% to Rs314.50 on the BSE after the company said that Rajasthan Rajya Vidyut Utpadan Nigam has placed new orders worth Rs1,455 crore for flue gas desulfurization (FGD).
The Rajasthan Rajya Vidyut Utpadan Nigam, Kota, and the Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar have placed orders worth Rs666 crore and Rs789 crore, respectively. The engineering, designing, and building company’s shares were up 9% at Rs306.10 at 09:29 AM. The S&P BSE Sensex, in contrast, was up 0.27 % at 60,021. On July 7, 2022, the stock reached a 52-week high of Rs319.90.
Techno Electric received brand-new transmission orders of around Rs680 crore last week. These orders included two for a combined Rs145 crore and Rs233 crore from Chhattisgarh State Power Transmission Co.
Till August 16, 2022, Techno Electric repurchased 40,000 equity shares on the open market through the stock exchanges. At a price that doesn’t exceed Rs325 per share, the corporation has proposed to repurchase equity shares totaling up to Rs130 crore. The stock has lagged the market on the stock exchanges, rising just 1% over the previous month versus a 12% increase in the S&P BSE Sensex. While during the last three months, it has increased by 5% as opposed to the benchmark index’s 10% growth.
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