Stock jumps after company received an order worth ₹ 13.26 Cr for supply of solar street light 

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Stock jumps after company received an order worth ₹ 13.26 Cr for supply of solar street light 
Credit: © Reuters.

Shares of this smallcap company jumped around 2 percent in Wednesday’s trading session after receiving an order worth Rs. 13.26 crores for the supply of Solar Street Light. The shares have delivered a whopping 1,138 percent in one year to its shareholders.

With a market capitalization of Rs. 4,003 crores, the shares of Bondada Engineering Ltd started Wednesday’s trading session on a higher note at Rs. 1,863 compared to its previous close of Rs. 1,824.35. During the trading session, the shares hit a high of Rs. 1,870, gaining around 2 percent and are currently trading at Rs. 1,832.05 apiece.

Such a positive movement in the share price was observed after the company in an exchange filing announced that one of its subsidiaries, Bondada E&E Private Limited had received a work order from Morphing Inovations Opc Pvt. Ltd for the supply of solar street lights amounting to over Rs. 13.26 crores.

Looking at the company’s financial statements, the revenue increased by 71 percent from Rs. 295.71 crores during H1FY24 to Rs. 505 crores during H2FY24. In addition, the net profits surged by 111 percent from Rs. 14.87 crores to Rs. 31.42 crores during the same period.

As per the latest data, the company has an order book of Rs. 1,695 crores and Rs. 1,245 crores worth of orders are in the pipeline. Through its wholly-owned subsidiary, the company has entered into the LED lights business and has started getting orders.

Earlier, the company’s board of directors had approved to acquisition of a substantial stake of 30,000 equity shares of Rs 10 each in the paid-up equity share capital equivalent to 60 percent shares in Atpole the Technologies Pvt Ltd (ATPOLE).

With this acquisition, the company is planning to rapidly increase its print in the BLDC motor business segment by serving all-electric vehicle manufacturing companies by synergizing with its existing businesses.

Previously, Bondada Engineering had laid the foundation stone for the construction of ‘Bondada Industrial Park’ at Rampally, Hyderabad, to cater to global standard manufacturing facilities for its subsidiaries.

The industrial park is been constructed for the company’s subsidiaries such as SmartBrix Infra Technologies Private Limited to manufacture UPVC profile extrusion plants, UPVC windows and Aluminum Windows, followed by Atpole Technologies Private Limited to design and manufacture BLDC motors for electric vehicles and for Bondada E&E Private Limited to manufacture LED lights.

Headquartered in Hyderabad, Bondada Engineering was incorporated in 2012. The company provides engineering, procurement, and construction (EPC) services and operations and maintenance (O&M) services to the telecom and solar energy industry.

Written By Vaibhav Patil

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The post Stock jumps after company received an order worth ₹ 13.26 Cr for supply of solar street light appeared first on Trade Brains.

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