Midcap Stock Hits All-Time High After Bagging Order From Saudi Aramco

  • Benzinga India
  • Stock Market News
Midcap Stock Hits All-Time High After Bagging Order From Saudi Aramco
Credit: © Reuters.

Benzinga - Shares of Kalpataru Projects International (formerly Kalpataru Power (NS: KAPT ) Transmission Limited) saw its shares surge up to hit a new all-time high after bagging a prestigious contract from the world’s largest oil company.

What Happened: The Mumbai-based company on Tuesday said that it has been awarded a Letter of Intent by Saudi Aramco (TADAWUL: 2222 ) for EPC (t Engineering, Procurement and Construction) contracts pertaining to the expansion of the Master Gas System Network (MGS-3) in Saudi Arabia.

The company is set to lay over 800 kilometres of lateral gas pipelines, with the contract’s value to be determined upon execution. This project is part of Saudi Arabia’s initiative to expand its gas network to cater to the growing industrial energy requirements and support the kingdom’s shift towards a diversified energy mix.

Manish Mohnot, CEO of KPIL, commented on the project’s importance, stating, “We are delighted and truly proud to be entrusted by Aramco to undertake EPC work for the MGS-3 project.” Shares of the company jumped up over 4% to hit a new all-time high of ₹1,043.70.

Price Action: KPIL’s share price was up 1.32% to trade at ₹1,012.10 on Tuesday morning.

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