Salasar Techno shares rise 7% to hit new highs as company shares PSU order updates

Shares of Salasar Techno Engineering Ltd extended its gains and surged another 7 per cent during the trading session on Wednesday to hit new 52-week highs as the company announced the completion of a government project. In an exchange filing, Salasar Techno shared the status of its railway and power sector PSU orders, on Tuesday.

The company has successfully built its presence in railway and power sector by executing contracts for transmission lines, sub-stations and distribution lines awarded by various prestigious power sector PSUs and Indian railways amounting to Rs 731.03 crore thus far, said the company in the exchange filing.

Salasar Techno has been successful in bolstering its order book and is in advance stages of completing additional contracts worth Rs 2,516.43 crore, awarded by Indian Railways and various power sector PSUs over the past couple of years, said the filing further.

The company has been declared successful bidders (L-1) for various additional contracts, accumulating to Rs 979.37 crore to date, focusing on development of ‘distribution infrastructure for loss reduction' under government of India’s revamped distribution sector scheme (RDSS), it added.

Following the update, shares of Salasar Techno Engineering surged 7.35 per cent to Rs 115.89, hitting its new 52-week high, with a total market capitalization of more than 3,500 crore. The stock has surged about 70 per cent in the last one week, while the stock is up 220 per cent from its 52-week lows.

The company board of Salasar Techno Engineering will be meet on Thursday, January 25 to consider proposals of fundraising to accelerate business growth and to augment the financial resources of the company, said the company in an exchange filing on Monday.

Last week, the Noida-based Salasar Techno's board announced Thursday, February 1, 2024 as the record date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1. The company had announced to issue bonus shares in December 2023.

Incorporated in 2006, Salasar Techno Engineering is engaged in manufacturing of large & heavy steel structures, and providing customized steel structures and 360-degree EPC solutions to diverse range of industries including telecom, power, railways and more.

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