Kalpataru Projects shares jump 11% to hit one-year high on fresh order wins; key tech levels to watch

Shares of Kalpataru Projects International Ltd (KPIL) rose sharply in Friday's trade on securing fresh orders worth Rs 3,244 crore. The stock surged 10.76 per cent to hit a 52-week high of Rs 729.55.

The company, in a BSE filing, said, "KPIL along with its Joint Ventures (JVs) and international subsidiaries have secured new orders/notification of awards of Rs 3,244 crore."

These new orders are in the buildings and factories (B&F) business; design and construction of an underground metro rail project; and transmission and distribution (T&D) business from overseas markets.

Manish Mohnot, MD & CEO at KPIL, said, "Our foray into underground metro rail tunnelling project reaffirms our commitment to sustainable urban infrastructure development. Our largest ever order win in our B&F business, on design & build basis, from a reputed developer for a large residential buildings project in south India further fortifies our position as a leading player in this space."

Our YTD (year-to-date) FY24 order inflows now stand at Rs 17,685 crore, providing a robust foundation for sustained future growth, he added.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 67.45. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 21.27 against a price-to-book (P/B) value of 1.96.

Support on the counter could be seen at Rs 710, followed by Rs 690 and Rs 680 levels.

Shiju Koothupalakkal - Technical Research Analyst at Prabhudas Lilladher, said, "One can anticipate for higher targets of Rs 750-785 levels in the coming days. The near-term support is maintained at around Rs 690, below which the bias can turn little weak."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 680 and resistance at Rs 730. Expected trading range will be between Rs 600 and Rs 800 for a month."

DRS Finvest founder Ravi Singh said, "The stock could see resistance at Rs 750 level. Support will be at Rs 710."

AR Ramachandran from Tips2trades said, "Kalpataru Projects' stock price is bullish on daily charts with next resistance at Rs 768. Investors should book profits at current levels as a daily close below support of Rs 680 could lead to Rs 600 in the near term."

As of September 2023, promoters held 41.07 per cent stake in the company.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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