Kalpataru Power shares gain 7% on Rs 3,276-crore job letter of intent

Kalpataru Power Transmission

Kalpataru Power Transmission shares added 7 percent in early trade on March 10 after the company received a letter of intent for a Rs 3,276-crore job in the international markets.

Kalpataru Power Transmission has received a Letter of Intent (LoI) for power transmission and distribution project in international markets, the company said in its release.

The LoI is for a prestigious project involving design, engineering, supply and construction of HVDC power transmission line of 700 km. The estimated value of the project stands at Rs 3,276 crore ($431 Million).

The LoI is subject to fulfilment of certain conditions. The project will start immediately with design and engineering activities in Phase 1.

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“We feel privileged to announce the receipt of the above mentioned LoI. This landmark achievement has been on several counts - intensive efforts that we have been putting in over last several years on large size projects for long-term value creation, developing strong client relationships and penetrate deeper into the focused markets on back of our strong technical and execution capabilities," said Manish Mohnot, Managing Director & CEO, Kalpataru Power Transmission.

"This is also a hugely rewarding experience as we were working along with the same clients for past few years and is a testament for our quality solutions and expertise in power T&D business. We look forward to many such opportunities in future," he added.

At 09:24 hrs Kalpataru Power Transmission was quoting at Rs 393.90, up Rs 16.40, or 4.34 percent on the BSE.

The share touched a 52-week high of Rs 495.95 and a 52-week low of Rs 338 on 03 August, 2021 and 19 April, 2021, respectively. It is trading 20.58 percent below its 52-week high and 16.54 percent above its 52-week low.