Salasar Techno shares rise after bagging $9.40 million order from Rwanda

Shares of Salasar Techno Engineering rose sharply on Monday after the company announced a multi-million EPC order win for setting up of a transmission line from Rwanda. The company informed about the same through an exchange filing.

"Salasar Techno Engineering has bagged an EPC contract worth $9.40 million from Energy Development CorporaHon Limited for setting up of 110kv transmission line," it said in an exchange filing. The order is equivalent to Rs 75.24 crore by Energy Development Corporation for the Rwanda Transmission System Reinforcement and last mile Connectivity project, it added.

The company will be responsible for providing end-to-end EPC solution of designing, supplying, and installation of 110kv transmission lines connecting the African regions of Rwinkwavu-Kirehe, GabiroNyagatare, and Rulindo-Gicumbi. The above contract is expected to get completed within 18 months, said the company filing.

Following the announcement, shares of Salasar Techno Engineering surged about 5 per cent to Rs 54.34 on Monday, before settling at Rs 53.25, up 3 per cent of the day. The company was commanding a market capitalization of more than Rs 1,680 crore. The stock has surged about 100 per cent from its 52-week lows at Rs 27.60 in November 2022.

Incorporated in 2006, Salasar Techno Engineering is engaged in manufacturing of large and heavy steel structures, along with providing customized steel structures and EPC solutions to diverse range of industries including telecom, power, railways and others.

The company currently has an installed capacity of 1,15,000 MTPA having supplied over 50,000 telecom towers, 702 km of power transmission lines, 588 km railway track, to more than 600 clients in over 25 countries across the globe.

Also Read: Yatra Online IPO booked 22% on Day 2 so far; retail portion fully subscribed

Also Read: Indian Overseas Bank shares continue stellar show, zoom 46% in four sessions. Here are tech levels to watch

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.