Bajel Projects stock zooms 10% after order win from Solapur Transmission

Along with the strong buying momentum, trading volumes in Bajel Projects also surged

Shares of Bajel Projects skyrocketed 10 percent, bucking a weak market on December 13, buoyed by the company's latest order win. The company secured contract from Solapur Transmission, a project company of Torrent Power, for the supply of goods and services for the establishment of a new 400/220 KV substation in Maharashtra.

The contract encompasses design, engineering, manufacturing, supply, erection, civil work, testing, and commissioning of a 400/220 KV substation, along with the setup of two 400 KV line bays at Power Grid Solapur. The project is slated for completion within 15 months of receiving the letter of award (LoA).

At 10.01 am, shares of Bajel Projects were trading at Rs 266.55 on the NSE. The steep gains in today's session also pulled the stock into the list of best performers on the BSE Smallcap index.

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Along with the strong buying momentum, trading volumes in the counter also surged. As much as 17 lakh shares changed hands on the exchanges so far, already far higher than the one-month daily traded average of three lakh shares.

Bajel Projects reported a net profit Rs 3.66 crore in the September quarter, driven by higher revenues. The company's Q2 net profit also marked a sharp turnaround from a loss of Rs 4.44 crore that it had reported in the same quarter of the previous fiscal year.

The company’s revenue from operations surged to Rs 662.41 crore in Q2, compared to Rs 199.96 crore in the corresponding quarter of last year. Part of the Bajaj Group, Bajel Projects operates in the power transmission and distribution sectors.

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