By Malvika Gurung
Investing.com -- The construction engineering company Kalpataru Power (NS: KAPT ) Transmission Limited announced bagging new orders worth Rs 1,560 crore on Thursday.
As a result, the company’s shares surged over 6%, trading 6.5% higher at Rs 379.5 while writing this report, closing at Rs 356.7 apiece on Wednesday.
The company informed on Thursday that it has secured or notifications of award new orders from countries including India, Africa, CIS and South America in the power transmission business, of Rs 1,560 crore.
Moreover, the international subsidiary of the global power transmission and infrastructure EPC giant has secured new power transmission projects in Europe.
All of the new orders received by KPTL are in its core power T&D business, reflecting strong growth in its business. In the quarter ending September 2021, KPTL reported a net profit of Rs 83 crore, declining by 42.4% on a YoY basis, while its sales grew 17% to Rs 3549 crore, compared to the same period last year.
Emkay Global (NS: EMKS ) had recommended buying the stock with a target price of Rs 555, a while back.
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