Kalpataru Projects International shares surged 15% today. Here's why

Kalpataru Projects International share price today: Shares of Kalpataru Projects International Ltd, formally known as Kalpataru Power Transmission Ltd, climbed 15 per cent in Tuesday's trade after the engineering and construction company said it has successfully signed three contracts for the three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia with ARAMCO for a contract value of Rs 7,550 crore.

The company had on March 5 informed stock exchanges about the EPC contracts for the MGS‐3 project. 

Following the development, the stock climbed 14.56 per cent to hit a fresh record high of Rs 1,369.95 on BSE. The stock has jumped 42 per cent in the past three months compared with a 1.96 per cent rise in the BSE Sensex and 21 per cent rise in the BSE Capital Goods index.

The multibagger stock is up 106 per cent in the past six months and 162 per cent in the last one year. 

"We are pleased to inform you that on 19th May, 2024 the Company has successfully signed three contracts for the three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia with ARAMCO for a contract value of ~ SAR 3.4 billion (presently equivalent to ~ Rs 7,550 crore). The above intimation was received by the Company on 19th May, 2024 at about 03:29 P.M. (IST)," Kalpataru Projects said.