Salasar Techno shares surge 7% after bagging order; details here

Shares of Salasar Techno Engineering Ltd surged about 7 per cent during early trading session on Monday after the company announced an order win of engineering, procurement, and construction (EPC) Tamil Nadu (India). The company informed about the same through an exchange filing on Friday.

Salasar Techno Engineering has bagged an EPC contract worth Rs 364 crore from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), said the company in an exchange filing. The contract focuses on execution of loss reduction work in turnkey mode, it added.

The contract signals a significant milestone for Salasar Techno, involving a comprehensive scope of work aimed at enhancing the power infrastructure in Erode district of Tamil Nadu. "The above contract further strengthens the order book and is expected to get completed within 36 months, yielding healthy EBITDA margins," it said.

Following the announcement, shares of Salasar Techno Engineering surged as much as 7 per cent to Rs 55.01 on Monday, with a total market capitalization of close to Rs 1,700 crore. The scrip had settled at Rs 51.11 in the previous trading session on Friday. The stock is up over 50 per cent from its 52-week lows at Rs 36.

Under the contract, the company is entrusted with the supply and installation of feeder segregation, high voltage distribution system, separation of double distribution transformer, and augmentation of 33KV lines, the filing added further.

Securing this contract further reflects our unwavering dedication to winning integrated projects, thereby expanding our scale of operations and enhancing profitability, said Salasar's management while commenting on the order win.

"The contract underscores our commitment to excellence and our ability to provide end-to-end solutions for complex electrical infrastructure initiatives. Our successful bid for these contracts further solidifies our position as a reliable and innova.ve partner in the development of robust power infrastructure across the region," it added.

Incorporated in 2006, Salasar Techno Engineering in engaged in manufacturing of large & heavy steel structures, and providing customized steel structures and 360 degree EPC solutions to diverse range of industries including telecom, power, railways and more.

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