Techno Electric Jumps 8.4% As Studded Order-Win List Lengthens; 56% Upside Seen

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Techno Electric Jumps 8.4% As Studded Order-Win List Lengthens; 56% Upside Seen
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the construction engineering major Techno Electric & Engineering Company (NS: TEEC ) zoomed 8.4% to Rs 303.8 apiece at 1:17 pm, after jumping almost 12% in early trade on Wednesday.

The stock surged after the company announced bagging new multi-million orders, adding to its list of prestigious order wins recently.

The EPC major has informed in a regulatory filing that it has won two new order deals worth Rs 1,455 crore for FGD. The said orders include one from Rajasthan Rajya Vidyut Utpadan Nigam, Kota for Rs 666 crores (1x210 MW +2X 195 MW), and the other from Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar for Rs 789 crores (2x 600 MW).

Other recent notable orders bagged by the small-cap company include transmission orders from:

  • Khavda Bhuj Transmission Limited (KBTL) for Rs 233 crore
  • Chhattisgarh State Power Transmission for Rs 145 crore

It received two separate transmission orders from the Maharatna PSU Power Grid (NS: PGRD ) Corporation for:

  • Nizamabad, Tuticorin at Rs 126 crore, and
  • MohanlaGanj for Rs 175 crore.

The small-cap scrip has surged 26% so far in 2022 and has a Buy call from ICICI Securities (NS: ICCI ) with a target price of Rs 471/share, an upside of 56% compared to the current price.

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