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Salasar Techno Engineering stock rises 5% on order win from Nepal

Salasar Techno Engineering stock rises 5% on order win from Nepal

The shares of Salasar Techno Engineering Infra rose 4.92% intraday to Rs 52.2 against the previous close of Rs 49.75 on BSE.

Salasar Techno Engineering stock has gained after three sessions of fall. In a year, the stock has climbed 106.22%. (Photo: Reuters) Salasar Techno Engineering stock has gained after three sessions of fall. In a year, the stock has climbed 106.22%. (Photo: Reuters)

Shares of Salasar Techno Engineering gained 5% today after the firm said it won its first-ever EPC order from a foreign country. The steel structure manufacturer has secured an order worth Rs 143 crore from Nepal Electricity Authority (NEA). Buoyed by the development, the stock of Salasar Techno Engineering Infra rose 4.92% intraday to Rs 52.2 against the previous close of Rs 49.75 on BSE. Market cap of Salasar Techno Engineering Infra rose to Rs 1,633.77 crore. Total 4.49 lakh shares of the firm changed hands amounting to a turnover of Rs 2.32 crore. The share has gained after three sessions of fall. In a year, the stock has climbed 106.22%.

In terms of technicals, the relative strength index (RSI) of the stock stands at 52.7, signaling the stock is neither oversold nor overbought. The stock has a one-year beta of 1.2, indicating very high volatility during the period. Shares of Salasar Techno shares are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The order includes the procurement of material equipment, associated accessories and necessary installation services. The order will strengthen existing orderbook and will be executed in the next 24 months, the company said.

Shashank Agarwal of Salasar Techno said, “That the latest order by NEA has allowed the company to establish its presence in the exports market. This order win showcases the strength in executing large orders, developing products with cutting edge research and development," he said. On the financial front, he added that the order strengthens the company's robust order book and is expected to yield good margins.

Salasar Techno Engineering was incorporated in 2001. It is a provider of customised steel fabrication and infrastructure solutions. The company is engaged in the business of manufacturing and sale of galvanised and non-galvanised steel structures including telecom towers, transmission line towers including railway electrification (OHE), solar panels, and prefabricated steel structure such as bridges.

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Published on: Jan 18, 2023, 3:00 PM IST
Posted by: Tarab Zaidi, Jan 18, 2023, 2:55 PM IST