Mid-Cap Stock KPTL Surges Up to 7% On Bagging ‘Prestigious’ Project: Details

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Mid-Cap Stock KPTL Surges Up to 7% On Bagging ‘Prestigious’ Project: Details
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the construction engineering company Kalpataru Power Transmission , KPTL (NS: KAPT ) was trading 3.32% higher at Rs 390 apiece while writing, after surging 7% in early trade on Thursday.

The stock surge came after the company received a letter of intent for a ‘Power Transmission and Distribution' project in the international market.

The order received is worth Rs 3,276 crores or $431 million, and the project starts immediately with design and engineering activities in Phase 1. 

According to the company filing, the order detail is described as a  ‘prestigious project’ that involves the design, engineering, supply and construction of an HVDC power transmission line of almost 700 km.

The company management stated that their intensive efforts put in over the past several years on large size projects for long-term value creation, development of strong client relationships and penetration into focused markets, have helped the company bag such a  landmark achievement.

Besides, the EPC major incorporated a wholly-owned subsidiary called Kalpataru Power Chile SpA in the Republic of Chile and will subscribe to an initial capital of about Rs 76.3 lakh for 1,000 shares of the subsidiary company, stated an EquityBulls update.

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